Four individuals, who run a private company in Salem, were arrested on Sunday for allegedly cheating the public. The company had promised high returns on deposits but failed to honor its commitments, leading to complaints from aggrieved depositors. Police seized Rs3 crore from the suspects during the investigation.
The company, operating in a rented building on Five Roads in Salem, had been enticing the public with promises of doubling their investment. However, when the firm failed to deliver the returns, depositors began demanding action. This prompted an inquiry by Salem City Police under the leadership of Deputy Commissioner Geetha, who led a team that conducted an investigation on the company’s premises until the early hours of Sunday.
Following the inquiry, the police raided the residences of the company’s directors: G. Rajesh (35), and his wife R. Sathyabama (32), residents of Kallakurichi district; M. Rajesh (34), a resident of Meyyanur, Salem; and Haribaskar (40), from Dharmapuri. The raids led to the seizure of Rs3 crore in cash and the arrest of the four directors, along with 10 agents associated with the company.
The police have registered a case of cheating and fraudulent business practices. Investigations are ongoing to uncover further details about the company’s operations and the extent of the scam.