The Hindu : Tamil Nadu / Chennai News : Chit fund operator held, documents seized

Online edition of India's National Newspaper
Sunday, Feb 19, 2006

Tamil Nadu

Tamil Nadu - Chennai

Chit fund operator held, documents seized

Staff Reporter

Documents of properties recovered

CHENNAI: The Central Crime Branch (CCB) police on Friday arrested R. Narayanasamy, a Port Trust employee, who allegedly absconded without repaying money from the chit fund company he was running.

R. Nataraj, Greater Chennai Police Commissioner, said about 75 employees from the Port Trust submitted a petition to him alleging that they were cheated byNarayanasamy, who ran an unregistered chit fund company.

Interrogation by the CCB authorities revealed that with the depositor's money, he purchased immovable properties in Tondiarpet and New Washermanpet and two plots in Ambattur, all worth Rs. 75 lakh. The documents of the properties were recovered by the police, which were deposited in the III Metropolitan Magistrate Court in George Town.

Mr. Nataraj said in the last one and half months, the CCB solved 31 cases pertaining to chit fund companies and returned Rs. 82 lakh to the depositors. Last year, the CCB registered 491 cases and returned Rs. 1.67 crores, he said. He cautioned people not to deposit money with unregistered or unorganised chit fund companies.

Break-in

About the break-in in a jewellery shop on NSC Bose Road, Mr. Nataraj said they suspected that it could be the handiwork of a gang from outside the State. The police had some information and were pursuing it, he said.

The police removed a hoarding on Anna Salai of `Kalvanin Kadhali', a recently released Tamil film, which depicted a pair of actors in a vulgar manner, he said.

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