Two women arrested for cheating investors of chit fund company in Sriviliputtur
Two women have been arrested in Srivilliputtur for allegedly cheating an investor of ₹7.5 lakh through a fraudulent chit fund scheme. The Economic Offences Wing has charged the suspects under various laws, including the Banning of Unregulated Deposit Schemes Act.
Why it matters
This case underscores the ongoing risks associated with unregulated financial schemes and the legal efforts to protect depositors from fraud.
The Economic Offences Wing of Virudhunagar district has arrested two women of a family for allegedly cheating a weaver, A. Gurusamy, 52, of Srivilliputtur of ₹7.5 lakh through their chit fund business.
The arrested persons were identified as S. Kaleeswari and her daughter-in-law J. Ponnulakshmi. Another accused in the case, Jegannath, son of Kaleeswari, had already been arrested in another case.
In his complaint, Gurusamy said that Kaleeswariapproached him in 2022 and claimed that she was running a finance company called JAYSKAY Chit Fund. She described the monthly chit fund schemes in different demonimation and promised him that investors could get back their money with a higher interest of 25%. Besides, the company would give the rebate amount also although investors need not pay it every month.
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