Coimbatore: The Economic Offences Wing (EOW) police have frozen Rs 75 crore that was deposited in three bank accounts of a ponzi firm that duped several hundred investors of Rs 150 crore. Police are likely to approach the court to take the couple, who were running the firm, into their custody for further investigation.
An investigation officer said the firm, Dream Makers Global Pvt Ltd, was floated by S Sathishkumar, 38, and his wife S Gunavathi, 36, of Ramalingam Nagar at Saibaba Colony, in 2017. Sathishkumar was the managing director of the firm that was located on Saibaba Colony, while Gunavathi was its director.
âTo lure investors, Sathishkumar announced various schemes. He promised to pay them Rs 100 for 150 days for every investment of Rs 6,000, which he said would be invested in online trading, and returned at the end of the investment term. In total, he announced 12 such schemes,â the officer said.
Meanwhile, Manojkumar, 35, of Udayampalayam, who invested Rs 6.80 lakh in the firm last year, lodged a complaint with EOW police when the couple defaulted on the payment and started to avoid him. He was paid back just a lakh.
EOW police registered a case against the couple under Sections 406, 420 of the Indian Penal Code, Section 5 of the Tamil Nadu Protection of Interest of Deposit Act, and Sections 3,5, read with 21 of the Banning of Unregulated Deposit Scheme Act, 2019. The two were arrested on September 28. Police also seized two cars from them. The couple were subsequently remanded in judicial custody and lodged in jail.
While Sathishkumar was lodged in the Coimbatore Central Prison, Gunavathi was lodged in the special prison for women, which located inside the central prison premises.
The officer said the couple had collected a total of Rs 300 crore from the investors since 2017 and returned only Rs 150 crore. âFollowing huge transactions in its accounts, three nationalised bank authorities had stopped the transactions and asked the couple to withdraw money after producing valid documents.â
Meanwhile, EOW police sent letters to the three banks, asking them to freeze the firmâs accounts. âWe sent the coupleâs details and requested the bank authorities to freeze Rs 75 crore in their three accounts. We will transfer the amount to the district revenue officerâs bank account soon. After getting permission from the court, the amount will be disbursed to the victims,â the officer said.
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