The Economic Offences Wing (EOW) of the police have frozen ₹ 30 crore in different bank accounts linked to G. Ramesh, Managing Director of Coimbatore-based Universal Trading Solutions Pvt Ltd (UTS) that allegedly duped over 1,000 depositors of several crores through Ponzi schemes.
A senior officer of the EOW said the ₹ 30 crore in different bank accounts belonging to Ramesh and his aides were frozen with the assistance of the Income Tax Department.
According to the officer, the EOW has identified 22 properties worth ₹ 60 crore belonging to the firm. They include two houses and farms that Ramesh allegedly purchased in the name of benamis.
The EOW has already sent a detailed report on these properties to the District Revenue Officer, Coimbatore, to initiate proceedings to attach them and auction. Money generated in the auction will be disbursed to the depositors who were defrauded by the firm.
The EOW started investigation into the Ponzi scam after receiving a complaint of cheating against the firm in June 2019. A case was registered against Ramesh, two directors of the firm and its general manager. The investigators later received complaints from more investors who also accused the firm of having defrauded them.
EOW officials said that several investors had approached the Madras High Court to task a committee for fair disbursal of money to the defrauded investors.
