31-year-old Salem man held in Rs 2.5 cr financial fraud
Police said the accused Vinod Kumar and his father Balasubramaniam, 51, from Kumaran Nagar in Salem had wooed people to invest money in their firm, Justwin IT Technologies Private Ltd by promising high returns.
COIMBATORE: The Economic Offences Wing (EoW) sleuths in Salem on Tuesday arrested a 31-year-old man for swindling money to the tune of several crores by running a fraudulent financial firm.
Police said the accused Vinod Kumar and his father Balasubramaniam, 51, from Kumaran Nagar in Salem had wooed people to invest money in their firm, Justwin IT Technologies Private Ltd by promising high returns.
They also opened branches in Tiruchy, Vellore, Tiruvannamalai and various districts across Tamil Nadu.
The duo paid the assured amount initially, but stopped after a while and didn’t respond to the depositors.
A few months ago, depositors from several districts had gathered at the financial firm in protest in Salem demanding their money back.
Based on a complaint, the police already arrested Balasubramaniam, while his son, who went into hiding, was arrested in Salem on Tuesday.
He was produced in a special court in Coimbatore and lodged in Coimbatore Central Prison.
Police said they have so far received 110 complaints for an amount of Rs 2.5 crore.
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