Gold finance company under EOW scanner; gold seized cars
CHENNAI: Detectives from the Economic Crimes Wing carried out searches at 26 premises belonging to Aarudhra Gold Trading Pvt Ltd and its directors in Chennai and other parts of Tamil Nadu. The police decided to place the company under their scanner after announcing a scheme promising 30% interest for an investment of Rs 1 lakh. The EOW filed a lawsuit against its directors J Baskar, P Mohanbabu, Usha Vettrivel, K Harish, V Rajasekar, A Senthilkumar, B Pattabiraman S Michaelraj and others. Searches are being carried out at 26 premises across Tamil Nadu. Baskar and Mohanbabu were arrested on Tuesday.
In ongoing research, records, records, deposit details, hard drives of 48 computers, 6 laptops, 44 mobile phones, 60 gold sovereigns, 2 cars and huge cash of Rs.3.41 crore have been seized so far. 11 bank accounts were frozen, where the money collected in cash was deposited. Two defendants were arrested.
“Prima facie, it was found that Aarudhra Gold Trading Pvt. Ltd collected money in the form of cash on deposit from the public with the false promise of return of exorbitant interest. The deposit collected from the successor depositor was used to pay the interest of the predecessor depositor as in a Ponzi scheme,” a press release from EOW said.