COIMBATORE: Velusamy, 72, and his entire family have been on a cheating spree for the past 10 years, duping more than 500 depositors to the music of Rs nine crore, which they allegedly used to shop for homes, land, agricultural farms and gold adorns.
But their doubtful chit fund operations came to an end on Wednesday when sleuths connected to the Economic Offences Wing (EOW) arrested Velusamy and his grandson Gokulnath, 23. Rest of the family members, three of them women, are at the run.
The police are but to get well the cash amassed from the depositors, however are hopeful that they'd do so within the coming days.
According to the EOW sleuths, Velusamy, at the side of his spouse Thulasiammal, son Ganesan, daughter-in-law Indirani, daughter Chitra and grandson, was operating Thulasiammal Chit Limited since 2008 at Bodiplayam close to Madukkarai. Over the years, the family convinced more than 500 folks from Bodipalayam, Sundarapuram, Kuniamuthur and Madukkarai to deposit anywhere between Rs 1,0000 to Rs 15 lakh within the firm.
When all the family members have been discovered missing from their house, one Sounderarajan lodged a complaint pronouncing he had deposited Rs 12.25 lakh in Thulasiammal Chit Funds and sought the police help to get back his cash.
Subsequently, the police introduced a manhunt and nabbed Velusamy and Gokulnath on Wednesday from their hideout. The two have been produced prior to the Tamil Nadu Protection of Depositors (Financial Establishments) courtroom (TANPID) and remanded.
Inquiries printed that Velusamy and family had bought homes, land, agricultural farms and gold adorns with the cash amassed from the depositors.
But their doubtful chit fund operations came to an end on Wednesday when sleuths connected to the Economic Offences Wing (EOW) arrested Velusamy and his grandson Gokulnath, 23. Rest of the family members, three of them women, are at the run.
The police are but to get well the cash amassed from the depositors, however are hopeful that they'd do so within the coming days.
According to the EOW sleuths, Velusamy, at the side of his spouse Thulasiammal, son Ganesan, daughter-in-law Indirani, daughter Chitra and grandson, was operating Thulasiammal Chit Limited since 2008 at Bodiplayam close to Madukkarai. Over the years, the family convinced more than 500 folks from Bodipalayam, Sundarapuram, Kuniamuthur and Madukkarai to deposit anywhere between Rs 1,0000 to Rs 15 lakh within the firm.
When all the family members have been discovered missing from their house, one Sounderarajan lodged a complaint pronouncing he had deposited Rs 12.25 lakh in Thulasiammal Chit Funds and sought the police help to get back his cash.
Subsequently, the police introduced a manhunt and nabbed Velusamy and Gokulnath on Wednesday from their hideout. The two have been produced prior to the Tamil Nadu Protection of Depositors (Financial Establishments) courtroom (TANPID) and remanded.
Inquiries printed that Velusamy and family had bought homes, land, agricultural farms and gold adorns with the cash amassed from the depositors.
72-year-old man, grandson held in Rs 9-crore chit fund fraud
![72-year-old man, grandson held in Rs 9-crore chit fund fraud]()
Reviewed by Kailash
on
February 22, 2018
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