The manager of a private gold finance company has been arrested for reportedly siphoning off Rs3.82 lakh from the accounts of seven customers. The accused, S. Sivaraja, was the manager at the Soolakkarai branch of a gold finance company, which operates under the Muthoot Microfin group.
The arrest follows a complaint filed by A. Antony Stephen, the regional manager of Muthoot Microfin, who claimed that Sivaraja misappropriated funds from the accounts of multiple customers. Sivaraja has been charged with cheating, forgery, and criminal breach of trust.
According to police, Sivaraja had illegally transferred money from the customers’ accounts, using his position to gain access to their funds without authorization. After a detailed investigation, it was revealed that a total of Rs3.82 lakh had been embezzled.
Following the complaint, the police launched an inquiry, which led to Sivaraja’s arrest. He was charged under sections of the Indian Penal Code related to financial fraud and trust violation. Authorities are continuing their investigation to determine if there are more victims involved.
The police are also reviewing Sivaraja’s activities at the branch to identify any other potential fraudulent transactions. Muthoot Microfin has assured full cooperation with the authorities in the investigation and has expressed regret over the incident.