Chennai: Three Rs 30 crore scam of private finance company, arrested

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EOW Police arrested two people, including a Sri Lankan Tamil, for defrauding about Rs 30 crore from a private finance company. They diverted the funds to the fake companies started by them.

The defendants were sent to prison for defrauding money from the company headed by the son of former AIADMK state minister Lawrence, Anto Stalin. (Representative image)

Two people have been arrested by the Economic Crimes Wing (EOW) for cheating a private finance company out of Rs 30 crores. The defendants, including a Sri Lankan Tamil, diverted the funds to the 116 bogus companies started by them.

According to the Times of India (TOI) report, the arrested duo were sent to prison for defrauding money from the company run by former AIADMK Minister of State Lawrence’s son, Anto Stalin.

Earlier, police arrested a defendant named Ramesh, who worked as a senior executive in the financial company owned by Anto Stalin. Ramesh was in a live relationship, accused named Prema Sudha.

Ramesh arranged the fraud with Sri Lankan Sudhakar and his girlfriend and they floated the money.

When Anto assigned people to audit the accounts, the problem came to light. The team discovered that almost Rs 30 crore had gone missing from his business.

A detailed internal investigation showed that the money had been misappropriated in the form of loans to the 116 businesses set up by people known to the three defendants.

After that, Anto filed a complaint with EOW investigators, who discovered that the three had defrauded the money.

Police are investigating the whereabouts of the defrauded amount and investigating the background of the arrested Sri Lankan Tamil.

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