The Economic Offences Wing (EOW) - II of Tiruchi has arrested P. Muthuramalingam (43) and his wife Bharathi, proprietors of Chendur Fincorp, who had gone absconding in June 2019 after swindling huge amounts of money as deposits from customers.
An EOW team rounded up the couple at Nagercoil on Tuesday and had them remanded in judicial custody after appearance before a special court at Madurai.
Police sources said Muthuramalingam had started the firm in 2017 at Thillai Nagar and offered attractive schemes to lure investors into depositing huge amounts of money. The company expanded its presence by opening branches at Coimbatore, Dindigul and Chennai thereafter. The charge against Muthuramalingam was that he had encouraged people from across the State to invest and offered them incentives initially. Subsequently, he reportedly failed to pay the incentives following which complaints began to pour in.
The Economic Offences Wing -II of Tiruchi undertook investigation in June 2019 when the couple escaped after allegedly cheating the customers and swindling the amount. The company was subsequently sealed. The EOW registered a case against the firm and the couple based on a complaint from one of the customers.
The sources said the EOW had thereafter received complaints from more than 800 investors against Muthuramalingam.
