Chennai woman police inspector accused of promoting Rs 20 crore gold coin scam

CHENNAI: The Economic Offences Wing (EOW) has booked a woman police inspector in connection with a Rs. 20 crore gold coin investment scam and has intensified its investigation following the arrest of the scheme’s promoter.

Authorities are looking into allegations that the inspector actively promoted the fraudulent scheme and collected money from investors, including fellow police personnel and their families.

Investigators revealed that Prabhumani, a relative of Inspector Sheela Mary from the Royapuram All Women Police Station, launched the investment scheme via a WhatsApp group in 2023.

The scheme lured investors with the promise of gold coins at rates lower than market value, along with guaranteed monthly returns. A company was also set up to run the operation.

According to the EOW, Inspector Sheela Mary pushed the scheme within the Chennai City Police force and encouraged her colleagues to invest.

Several police families living in North Chennai’s police quarters, as well as a Deputy Commissioner, an Assistant Commissioner, and numerous other police personnel, poured significant sums into the scheme.

Police allege that Prabhumani, often accompanied by Inspector Sheela Mary in her official vehicle, initially distributed gold coins at discounted prices. This tactic helped build public trust and drew in more investors.

However, after amassing large amounts of money, the organizers failed to deliver the promised gold coins or pay the assured returns.

A complaint from a bank employee who claimed to have been cheated prompted the EOW to register a case. The agency stated that Prabhumani and Inspector Sheela Mary collectively collected over Rs 20 crore and defrauded investors. The case was filed with Inspector Sheela Mary named in the FIR.

Prabhumani was arrested on Thursday and is being interrogated. Inspector Sheela Mary has also been questioned by the EOW.

Separately, Chennai City Police Commissioner A Amalraj has ordered a departmental inquiry into the complaints against Inspector Sheela Mary.