In a significant breakthrough, the Economic Offences Wing (EOW) of Tiruppur police has arrested a family trio—Muthiah (48), his wife Manju (48), and their son Kiran Kumar (26)—for allegedly defrauding investors of over Rs7 crore by promising returns of up to 200%.
According to the police, the accused family floated multiple fake companies and lured investors with promises of 200% returns on their deposits. The scheme attracted a number of unsuspecting investors who trusted the fake firms. However, after receiving the investments, the accused went into hiding, leaving the investors stranded without their promised returns.
The family members were on the run for several months after the complaints were filed by the duped investors. The police, following extensive investigation, managed to trace and arrest them on Tuesday. They were apprehended in connection with the fraudulent scheme, which had successfully deceived multiple investors across the region.
