Coimbatore: The economic offences wing (EOW) police registered a case against a chit fund firm’s managing director and his accomplice on Wednesday for cheating 50 investors of Rs 50 lakh.
Police identified them as M Rajeesh of Palakkad, who had launched ‘Thottathil’ on 100 Feet Road at Gandhipuram, and his accomplice Raja Manikandan.
J Navaneethakrishnan of Krishnamoorthy Iyer Street in Coimbatore had lodged a complaint against the duo. He had invested Rs 1.41 lakh in Thottathil. Rajeesh and Raja had promised to give him Rs 2 lakh. But they closed the business and went absconding.
EOW police inspector Dhanalakshmi registered a case against Rajeesh and Raja under sections 406 (criminal breach of trust), 420 (cheating) of the Indian Penal Code and sections 3 and 4 of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978. Police have formed a special team to nab the duo.
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