The Economic Offences Wing (EOW) has registered a cheating case against the owner of Pranav Jewellers for having allegedly cheated its depositors who had invested in its chit fund scheme.
All the outlets of the jewellery chain at Tiruchi, Chennai, Nagercoil, Kumbakonam, Coimbatore were closed all of a sudden shocking depositors who had deposited in its chit fund scheme.
Searches were conducted by EOW teams, each headed by a Deputy Superintendent of Police, at the jewellery outlets situated on the Karur By Pass road and at the Rockfort area in Tiruchi on Thursday. The searches at these closed outlets were conducted after opening them. Searches were also simultaneously conducted by the EOW teams at the jewellery outlets in Chennai, Nagercoil, Kumbakonam, Coimbatore and Erode which were also closed.
The sudden closure of the outlets at Tiruchi a couple of days ago shocked the depositors who staged a protest warranting police intervention. Over 180 complaints had been received from the depositors to the EOW, Tiruchi unit alone, said EOW sources.
The Economic Offences Wing (EOW) has registered a cheating case against the owner of Pranav Jewellers for having allegedly cheated its depositors who had invested in its chit fund scheme.
All the outlets of the jewellery chain at Tiruchi, Chennai, Nagercoil, Kumbakonam, Coimbatore were closed all of a sudden shocking depositors who had deposited in its chit fund scheme.
Searches were conducted by EOW teams, each headed by a Deputy Superintendent of Police, at the jewellery outlets situated on the Karur By Pass road and at the Rockfort area in Tiruchi on Thursday. The searches at these closed outlets were conducted after opening them. Searches were also simultaneously conducted by the EOW teams at the jewellery outlets in Chennai, Nagercoil, Kumbakonam, Coimbatore and Erode which were also closed.
The sudden closure of the outlets at Tiruchi a couple of days ago shocked the depositors who staged a protest warranting police intervention. Over 180 complaints had been received from the depositors to the EOW, Tiruchi unit alone, said EOW sources.
A case under IPC sections 406 (criminal breach of trust), 420 (cheating) and 120 b (criminal conspiracy) besides under The Tamil Nadu Protection of Interests of Depositors (In Financial Establishments) Act has been booked against the owner of the chain of outlets Madhan and his wife Karthika. The EOW arrested the outlet’s Tiruchi branch manager Narayanan on Thursday.