Coimbatore: The Economic Offences Wing (EOW) police have arrested the director of a ponzi firm for cheating an investor of Rs 1.25 lakh. Two other directors of the firm are on the run.
An investigation officer said Sarva ITech Solutionz Limited at Udaiyampalayam had duped hundreds of investors of nearly Rs 50 crore.
“We arrested its director R Rithu Varnan, 37, of Chinnasamy Avenue at Peelamedu, on Friday based on a complaint lodged by T Kesavan, 23, of Duraisamy Layout at Avarampalayam, on Thursday,” the officer said.
He said the other two directors of the firm - Kelath Sri Hari and Velangappadi Balamurugan – were still at large.
In his complaint, Kesavan said Sarva ITech Solutionz Limited had offered two ponzi schemes that promised a return of Rs 250 a day for 1,00 days for every investment of Rs 10,000 and Rs 400 a day for 100 days for Rs 1 lakh.
“Kesavan had invested Rs 1.25 lakh in July. But he did not get any returns from the firm. When he approached the firm, he was told that he would get the returns from September,” the officer said.
The firm was, meanwhile, shut down when hundreds of people, who invested their money, started to approach it, seeking returns as promised.