The Hindu : Tamil Nadu / Chennai News : One arrested in chit fund fraud case

Online edition of India's National Newspaper
Saturday, Jun 17, 2006

Tamil Nadu

Tamil Nadu - Chennai

One arrested in chit fund fraud case

Staff Reporter

Two cases of chain snatching reported

CHENNAI : The Central Crime Branch (CCB) police arrested a 24-year-old man of Choolai on charges of cheating people under the cover of running a chit fund.

The police are on the lookout for the man's sister, Vimala Kumari, and her husband Nandakumar.

Police said about 23 persons residing on A.P. Road, Choolai, complained that they paid subscriptions Rs. 21 lakh to Vimala Kumari and her husband, who were running the chit fund company for the past one year.

Police said one of the victims, Usha, had said that she was cheated to the tune of Rs. 4 lakh.

Following a complaint, the police arrested C.Murugesan, brother of Vimala Kumari.

A senior officer pointed out that several warnings by the police not to deposit money with unregistered chit fund companies fell on deaf ears. In most of the cases the victims came to police only after the company people disappeared with the cash.

Further investigation is on.

Accountant held

The CCB police on Thursday arrested a part- time accountant and his associate on charges of stealing cheques from two firms. Police said they received complaints from S.S. Bothra, an electronic instrument seller, and Sarala Kankaria, a blue metal agent in T.Nagar, about blank cheques stolen from their companies being used to withdraw Rs. 25 lakh through a private bank.

Following the complaint, a team of personnel spoke to the private bank officials and found that the transaction took place at their Cenotaph Road branch.

The withdrawn amount was then deposited in the account of one Jaya. When police went on the person's trail, it found that she had vacated her house.

They police then kept a check on the ATM card of Jaya and found out that one U.Ramesh had used the card.

On Thursday, Ramesh was arrested near Little Mount in Saidapet. Interrogation revealed that he was working as part-time accountant for Mr. Bothra and Ms. Kankaria.

He had removed the cheques, one from Mr. Bothra's office and the other from Ms. Kankaria's office.

Police recovered Rs. 17.05 lakh from them and further investigation is on.

Chain snatching

Two cases of chain snatching were reported in Ambattur police limits on Thursday in which a total of 10 sovereigns were stolen.

The first was reported in Athippattu, where Rukmani (60) was robbed of her five sovereign gold chain when she went to the temple to witness 'Kumbabishekam.' Ambattur police is investigating.

In the second incident, two unidentified persons came on a motorcycle and snatched the five sovereign chain from Tamil Selvi, a resident of Athippattu.

Police said the victim, working in an export garment unit in Ambattur Industrial Estate, was on her way home when she was relieved of her gold chain. The incident took place on 3rd Main Road.

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