• Download mobile app
20 Jan 2019, Edition - 1286, Sunday

Trending Now

  • After losing to KCR in Gajwel elections, Vanteru Pratap Reddy joins TRS
  • India ready for business like never before: Prime Minister Narendramodi
  • A team of Special Cell of Delhi Police arrest 3 men who were planning attacks in South India
  • Kerala government was slammed for sharing private details of 51 women who had entered Sabarimala
  • India wins the 3rd ODI against Australia to win the series 2-1
  • No war, but still soldiers are dying on border: Mohan Bhagwat
  • Complete task by February 28: SC to Lokpal search panel
  • Telangana BJP MLA refuses to take oath before ‘anti-Hindu’ speaker
  • Rigged online polls at direction of Trump, says Cohen
  • DMK’s M K Stalin approaches Madras High court against 10% quota for EBC

Coimbatore

Chit fund owner, grandson arrested

Covai Post Network

COIMBATORE: A 72-year-old man and his grandson were arrested for allegedly cheating over 500 people of Rs. 9 crore in the name of chit funds.

According to police, Velusamy of Bodipalayam of Madukkarai was running a chit fund company – Thulasiyammal Chits (P) Ltd – since 2008, with wife, son, daughter-in-law, daughter, son-in-law and grandson as directors.

About 500 people joined various schemes and deposited Rs. 9 crore. One week ago they came to know that the family has absconded and lodged a complaint, police said.

Investigations led to the arrest of Velusamy and his grandson Gokulnath late on Tuesday night and were produced before TANPID Court that remanded them to judicial custody. Preliminary investigations revealed that the family has purchased apartments, agricultural land, house sites, stone crushers and gold ornaments with the chit money.

Subscribe To Our Newsletter

COIMBATORE WEATHER