The Villupuram Economic Offences Wing-II on Tuesday arrested a 44-year-old man on charges of swindling money from the public through a chit fund. The accused has been identified as S. Siva alias Sivakumar, a native of Belakuppam near Tindivanam.
According to the police, Sivakumar had swindled around ₹60 lakh from people by collecting money in the name of an unregistered chit fund, offering handsome returns. The matter came to light when victims lodged a complaint with the EOW, alleging that Sivakumar lured them to invest in the scheme.
After conducting a preliminary inquiry into the complaint, a case under Sections 406 (criminal breach of trust) and 420 (cheating) of the Indian Penal Code and Section 4 (1) read with 76 Chit Fund Act was then registered.
The EOW police arrested Sivakumar. He was produced before a local court and remanded in custody.
