In a significant breakthrough, the Economic Offences Wing (EOW) of the Tiruppur police has arrested two individuals, Saraswathy (58) and Gokul (28), both residents of Akkaraipalayam near Vellakovil, for their involvement in a financial fraud amounting to Rs3.56 crore. The duo has been remanded to Coimbatore Central Prison, following a remand order issued by the Tamil Nadu Protection of Interests of Depositors (TNPID) Special Court.
The accused were part of a fraudulent scheme run through their firm, Sivaselvi Auto Finance, which promised investors an attractive 18% monthly interest on their deposits. The firm managed to collect large sums of money from 39 investors, all of whom were lured by the high returns. However, when the investors failed to receive either their principal or interest, they approached the EOW police to report the fraud.
The investigation revealed that the prime accused, Anandan (30), remains absconding, while Saraswathy and Gokul were arrested. Authorities are now working to track down the third suspect and recover the defrauded amounts. The case continues to unravel, with the police urging other potential victims to come forward.