Absconding accused in Rs 1.12 cr Deepavali chit fraud case arrested in Perambur

CHENNAI: Central Crime Branch arrested an absconding accused who allegedly cheated the public of Rs 1.12 crore through an unregistered Deepavali chit scheme in the city.

The police said Shanthakumar and his son Vigneshwaran (29), who ran VSP Enterprises on MH Road, Perambur, floated three Diwali fund schemes, promising 2 grams of 916 gold, 30 grams of silver, silk sarees, firecracker boxes and other gifts if subscribers paid monthly instalments of Rs 1,100, Rs 1,300 and Rs 1,600 for 12 months. They also offered another scheme of Rs 1000 per month for a year, which would yield Rs 15,000 at maturity.

According to the complainants, the father-son duo collected money from them and other residents in Perambur, Sembium and Thiru Vi Ka Nagar areas and absconded without paying maturity benefits.

Two cases were registered and Shanthakumar was arrested earlier. Later, cases were transferred to the Central Crime Branch, and a special team arrested Vigneshwaran. He was remanded in judicial custody.