The Economic Offences Wing (EOW) police in Erode district arrested Franklin (50) on Friday, a conman who had been absconding for two years, in connection with a major cheating case.
The case involves Naveenkumar (38), a resident of Edaiyankattuvalasu in Erode, who started two companies — Unique Exports and East Valley Agro Farms — in 2017 and acted as their managing director. Muthuselvan, an ex-serviceman from Ramanathapuram, was a partner in the firms. The companies promised investors a monthly return of Rs 18,000 for every Rs 1 lakh deposited through various investment schemes.
Initially, the companies attracted investments from the general public, ex-servicemen, and their families, with payouts made for the first two months. However, the firms soon stopped paying incentives and eventually shut down.
Victims filed complaints with the Erode district crime branch, leading to a case against Naveenkumar, Muthuselvan, and others. Naveenkumar was arrested in 2023 while trying to flee to Dubai from Chennai. The recent arrest of Franklin, who had been on the run since then, marks a significant breakthrough in the investigation.
The EOW is continuing to probe the scam to bring all involved to justice.