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CHENNAI: Police officers from the Economic Offences Wing raided 21 places belonging to directors of a financial services firm in a multi-crore fraud case on Friday. Officials of the Vellore-based company International Financial Services, which has an office in Guindy, are said to have collected deposits from people to the tune of 14,000 crore promising a return of 8,000 for every 1lakh of deposit.
The company is jointly run by three siblings S Lakshminarayanan, S Vedanarayanan and S Janarthanan. Police said the firm had collected crores of rupees from thousands of people across Tamil Nadu. Their attractive offers lured many people including police personnel, journalists and lawyers.
However, in their agreement, officials of the company mentioned that they had taken 1lakh as loan from their depositors with a promise to repay an interest of two per cent. Many investors, who promptly received the cash as promised, started collecting money from their friends and relatives and deposited it with IFS.
Some of them even started a WhatsApp group exclusively for investors and coaxed their friends into making investments. One investor from Vellore had collected and helped deposit about 1,000 crore in the firm, police said. The firm also floated a few shell companies and roped in celebrities, including senior police officers, as their icons to lure gullible investors. Believing them, several other people invested in the firm.
IFS has its office at Tamarai Tech Park at Thiru Vi Ka Industrial Estate in Guindy. A cursory look at its website shows that the firm claims to conduct educational programmes on the basics of the stock market.On Monday, EOW officials conducted simultaneous raids at its office in Guindy and at the residences of its board of directors at 21 places in Chennai, Vellore, Tiruchi, Madurai, and Coimbatore districts.
A top police officer said, “The EOW CID officials have completed their raids at many places. The second round of searches will be continued in a few places which have been sealed. The officials are compiling the outcome of the raids.”
The Economic Offences Wing swung into action after the Madras high court directed the Tamil Nadu police to register an FIR and probe the alleged 6,000 crore scam by a Vellore-based investment company. Justice N Sathish Kumar passed the interim order on a plea moved by P Karthik, a resident of Chennai, after he complained that he had been cheated by the company.
The company is jointly run by three siblings S Lakshminarayanan, S Vedanarayanan and S Janarthanan. Police said the firm had collected crores of rupees from thousands of people across Tamil Nadu. Their attractive offers lured many people including police personnel, journalists and lawyers.
However, in their agreement, officials of the company mentioned that they had taken 1lakh as loan from their depositors with a promise to repay an interest of two per cent. Many investors, who promptly received the cash as promised, started collecting money from their friends and relatives and deposited it with IFS.
Some of them even started a WhatsApp group exclusively for investors and coaxed their friends into making investments. One investor from Vellore had collected and helped deposit about 1,000 crore in the firm, police said. The firm also floated a few shell companies and roped in celebrities, including senior police officers, as their icons to lure gullible investors. Believing them, several other people invested in the firm.
IFS has its office at Tamarai Tech Park at Thiru Vi Ka Industrial Estate in Guindy. A cursory look at its website shows that the firm claims to conduct educational programmes on the basics of the stock market.On Monday, EOW officials conducted simultaneous raids at its office in Guindy and at the residences of its board of directors at 21 places in Chennai, Vellore, Tiruchi, Madurai, and Coimbatore districts.
A top police officer said, “The EOW CID officials have completed their raids at many places. The second round of searches will be continued in a few places which have been sealed. The officials are compiling the outcome of the raids.”
The Economic Offences Wing swung into action after the Madras high court directed the Tamil Nadu police to register an FIR and probe the alleged 6,000 crore scam by a Vellore-based investment company. Justice N Sathish Kumar passed the interim order on a plea moved by P Karthik, a resident of Chennai, after he complained that he had been cheated by the company.
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