The Economic Offences Wing (EOW) Police have arrested M. Gurusamy (54), his wife Padmavathi (50) and their son Arvind Babu (27) on the charges of defrauding investors in their cit fund and financial institution at T.Kottampatti in Pollachi.
The Sriwari Finance and Sri Balaji Chit Funds operated by the family membersallegedly cheated around 70 investors to the tune of Rs. 15 crore by closing the firms and going under hiding.
Earlier this month the EOW police received seven complaints from investors of the firm, where in they alleged that the trio took away Rs. 2.77 crore deposited by them.
The police booked them under sections 120(B) (punishment for criminal conspiracy) and 420 (cheating and dishonestly inducing delivery of property) of the Indian Penal Code, 3 and 4 of the Prize Chits and Money Circulation Schemes (Banning) Act and section 5 of the Tamilnadu Protection of Interests of Depositors (TNPID).
They were arrested on Wednesday. They were produced before the Special Court for TNPID Cases and lodged in jail under judicial custody.