TIRUCHY: The Economic Offences Wing (EOW) police conducted a surprise raid on as many as 18 premises belonging to a private firm that promised huge returns on their deposits.
Sources said the ELFIN financial firm had announced an attractive offer of doubling the deposits. Believing their words, several individuals deposited funds in the firm. Initially, the firm paid interest to the customers and later the depositors were dejected as the firm defaulted on the payment schedule. Subsequently, angry depositors lodged a complaint with the economic offences wing police based on which a team, led by DSP Rajkumar, conducted a search on the premises of the financial firm from Tuesday morning.
Learning about the raid, the owners locked the firm. However, the economic offences wing team broke open the lock and conducted an elaborate raid on the office.
Subsequently, a search was also conducted at the house of Tiruchy Corporation council member of VCK, Prabakaran, a close associate of the owners of the financial firm. The police said that the raids were held across the state on as many as 38 places associated with the ELFIN financial firm.