Coimbatore: A 23-year-old man was arrested on Friday for duping 85 people a total of Rs 1.20 crore in the city in the name of a call taxi company. The city crime branch also seized from him 24 call taxis.
The arrested was identified as P Balaji, 23, of
Kovilpalayam near Pollachi. One-and-a-half years ago, he started a firm named
Jiya Logistic India Private Limited at Podanur. He then launched a call taxi named Jiya and lured many to invest in it more than Rs 1 lakh each with a promise of a monthly return of Rs 10,000.
"He advertised that people can deposit more than Rs 1 lakh in the firm and he would buy a new car in the name of the depositor. He also promised to take care of EMI, while the car will be used as a call taxi. He also promised them a monthly pay of Rs 10,000," the police said.
Balaji collected crores of rupees and bought new cars to start call taxi service. However, he could not run the firm and failed to repay the EMI to the private finance firm and the depositors. He subsequently went into hiding.
Following this, T Mahendran, 21, of
Sundarapuram and other 84 depositors petitioned the city police commissioner, K Periaiah, who directed the city crime branch inspector
J Kalaiyarasi to take appropriate action against the conman.
The police registered a case against Balaji and arrested him on Friday. He was later remanded in judicial custody. Further investigation is on.
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