Coimbatore: A 52-year-old chit fund firm owner was arrested on Monday for duping investors of Rs 85 lakh on Monday. The arrested was identified as R Muralidharan,
of Vinayagapuram near Saravanampatti.
According to police, Muralidharan had been running the chit fund firm titled Sivasurya Krishna at Vinayagapuram for the past few years. “More than 1,700 people from various parts of the district had invested in his firm.”
Initially, he had registered his firm, but the registration was cancelled after he involved in cheating. Six months ago, he closed his firm and went into hiding. Investors subsequently approached the city crime branch police and lodged complaints against Muralidharan, saying he had run away with their money amounting to Rs 85 lakh.
On Monday, some investors found him on Thadagam Road, caught him and handed him over to the city crime branch police, who registered a case and arrested him in the evening. Further investigation is on.