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Representative image COIMBATORE: The Tirupur city police on Tuesday arrested a chit fund company owner for cheating 30 people of Rs 59.68 lakh. According to the Tirupur police, a resident of Valayankadu in Tirupur, who had deposited Rs 3.20 lakh in Veerachinnamal Chit Fund owned by Muniyandi, had registered the complaint. “When the investor tried to approach Muniyandi at the time of maturity in 2020, he went into hiding. Police filed a case against him under sections of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978, 76 (1) of the Chit Fund Act 1982 and Section 420 (cheating) of the Indian Penal Code. A special team tracked Muniyandi’s cellphone location and bank transactions, and arrested him from Omalaur in Salem district on Tuesday. He was remanded in judicial custody.

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