Police in Chennai arrested Vedhanarayanan, one of the directors of LNS International Financial Services, who was wanted in a multi-crore financial fraud case.
Authorities detained him at Chennai airport after immigration officials intercepted him based on a Look Out Circular (LOC) and a Red Corner Notice (RCN). Vedhanarayanan had arrived from the United Kingdom and was subsequently handed over to the Economic Offences Wing (EOW). He was produced before a magistrate and remanded in judicial custody.
The company is at the center of a large-scale cheating case involving over Rs850 crore and several thousand investors, with 5,322 complaints filed so far. Following the registration of the case, all four directors — Lakshminarayanan, Mohanbabu, Vedhanarayanan, and Janardhanan — fled abroad, prompting the issuance of LOCs and RCNs.
The EOW had registered a case in 2023 against the firm, its directors, and several associates after complaints surfaced about fraudulent investment schemes. LNS International had promised investors monthly returns of 6% to 10% on stock market investments to lure funds.
Investigators said searches were conducted at 21 locations across Chennai, Tiruvallur, and Kancheepuram in August 2023. The EOW continues to probe the matter to identify additional accomplices and recover defrauded funds.
