CHENNAI: The economics offences wing CID has arrested the managing director and two
directors of
Thiripura Chit Fund Private Limited, who have been accused of cheating
depositors. The trio, who had been absconding for more than a year, were arrested from two hotels here on Thursday.
Acting on a tip off, police arrested on one of the directors of the chit fund, Venu Achuthan Nair, 48, a native of Kerala, from ITC Grand Chola Hotel in Guindy.
Soon after his arrest, the police team got information that chit fund managing director P V Krishna Prasad, 52, and his wife and one of its board of directors, K Sumannah, 49, were having breakfast at Radisson Blu Hotel near Meenambakkam. The police arrested Prasad and Sumannah.
The EOW CID took the trio to their office in Guindy and registered a case against them under IPC sections 406 (criminal breach of trust) and 420 (cheating) and Section 5 of (
Tamil Nadu Prevention of Depositors Investment Act) TANPID Act.
As news about their arrest spread, depositors started gathering at the EOW office and demanded that they be allowed to thrash the trio for cheating them. Though EOW CID officials tried to pacify the protesters, they didn’t leave the office till 8pm.
Later, the trio were produced before a special court for TNPID cases and remanded in judicial custody.
(Representative image)