Chennai, Sept 19 (BPNS)
The Economic Offenses Wing (EOA) wing of the Tamil Nadu police is on pursuit of four persons who were involved in a Digital coin scam in which many people lost money.
Police on Sunday arrested two people, Sreenivasan and Prakash after many people complained that they were cheated with huge amounts promising heavy returns. The EOW swung into action after many people complained to the Krishnagiri district collector that they were cheated by a digital coin trading company in Hosur.
Police registered a case against six people in the scam, Arun Kumar of Hosur, Nandakumar of Kattiganapally, D. Srinivasan of Chettiapalli, Prakash and Shankar from Perugopanapally and Velan of Marandahally. Of this Srinivasan and Prakash were arrested by the police and is in pursuit of the remaining four people who were involved in the scam.
According to the Economic Offenses Wing police, the company promised heavy returns to those who invest in its schemes but later the bubble burst thus ending up in heavy losses to the investors.
The scheme envisages that if a person deposit Rs 7.70 lakh in the account , they will get Rs 93,000 per week and Rs 18.60 lakh in 20 weeks Police said that after receiving small amounts for a few weeks, the payment stopped completely leading to the investors raising a complaint with the Economic Offenses Wing.
After arresting Srinivasan and Prakash, the EOW could recover two cars, land documents, bank passbook showing deposit of Rs 10 lakhs, Rs 1.25 lakhs in cash, six ATM cards, and 12.5 sovereigns of gold.
Police registered criminal cases under various sections of the IPC and Section 5 of the Tamil Nadu Protection of Interest of Depositors Act.
Sources in the Economic Offense Wing told BPNS that they are closing in on the culprits and the criminals would be arrested soon.
With the bursting of the digital coin scam in Krishnagiri, police are trying to ascertain whether similar cheating was taking place in other parts of the state. The EOW is also planning to conduct an awareness programme among people against the digital coin scam in Tamil Nadu.
