Chennai: The Entrustment Document Fraud Wing of the Central Crime Branch (CCB) arrested seven people, including the chairman and the executive directors of Swarnaratna Group of Companies, for cheating 86 people out of Rs. 3.89 crore after enticing them to invest in their company. They promised huge returns and later defrauded them.
The Modus operandi
Police stated that the company approached the complainant, Rajagopal, in 2015, claiming that it had obtained proper permission from the Reserve Bank of India (RBI) to receive investments from customers. They assured that the invested money would be utilized in various projects, particularly in gold and derivative trading in the U.K. and Australia.
86 persons invested to the tune of Rs.3.89 Crore
The accused promised a 100% profit every year for three years on an investment of Rs.1 lakh, followed by the return of the full invested amount. Trusting their words, Rajagopal invested another Rs.3 lakhs and received Rs.3 lakhs from 2015 to 2018. Subsequently, the complainant, along with his family members and relatives, totalling 61 persons, invested Rs. 2.40 crore in the Swarnaratna Group of Companies. In addition, Subbaiah and 25 others invested Rs.1.45 crores. However, after receiving the invested amounts, the accused neither paid the promised profits nor returned the invested principal, thereby cheating a total of 86 persons to the tune of Rs.3.89 Crore.
A case was registered, and inquiries revealed the accused had cheated the public of several crores using the same modus operandi. A special team led by Inspector of Police G G Prasith Deepa of EDF-II, CCB, arrested the absconding accused.
7 held including the Chairman
The arrested were identified as Venkatranga Gupta, Swarnaratna Company Chairman, D.K. Hariharan, Vijayasri Gupta, Kavitha Sakthi, Prathisha Gupta, Jaya Santhosh, and Jaya Vignesh. The police team, led by Assistant Commissioner of Police Rajasekaran, searched their residences and offices. During the search, the police team seized cash amounting to Rs.4.5 lakhs, 44 sovereigns of gold jewellery and diamond jewellery, two luxury cars, two laptops, 14 cell phones, and case-related documents from the accused. The arrested individuals were remanded in judicial custody.
The accused promised a 100% profit every year for three years on an investment of Rs.1 lakh, followed by the return of the full invested amount. Tamil Nadu States News India: Top News India, States News, States News Headlines, Online State News India, State Politics news
