Fraud case: EOW conducts searches in Chennai and other districts

CHENNAI: The Economic Offences Wing (EOW), Coimbatore conducted searches at 11 places in Chennai, Coimbatore, Salem and the Nilgiris, belonging to two private firms, run by a couple who allegedly cheated investors to the tune of Rs 1.85 crores. EOW police had arrested S Durairaj, 41 and his wife D Saradha, 35, from KK Nagar at upper Gudalur in The Nilgiris district two days ago based on a complaint from a farmer from Namakkal district. The couple ran two firms named Spice India private limited and Akash Sruthi Spice India private limited at Gudalur and the firms’ branch offices were functioning at Coimbatore, Salem, Chennai and a few more cities. The firm lured the investors that they would give Rs 8,000 as a monthly return for 24 months against an investment of Rs 1 lakh, police said. After two years, they promised to return 50 per cent of the invested amount too and failed to do so.