Police said Palani, 36, who runs a chit fund firm in Tiruvannamalai district, had collected money from people under a special scheme to provide gold coins, sweets and crackers for Deepavali. He was approached by the fraudulent gang members, who assured to sell gold coins at a cheaper cost. The gang however intercepted Palani’s car claiming to be cops. However, Palani and Baskar managed to nab one of the accused and handed him over to the police. the cops nabbed the others.