The Economic Offences Wing (EOW) of the Tamil Nadu Police, on Friday (December 8, 2023) filed an affidavit in the Special Court for the Tamil Nadu Protection of Interest of Depositors (TNPID) Act in Madurai, seeking 10-day custody of S. Madhan, owner of Pranav Jewellers.
Sources in the EOW, which is probing a case registered against Pranav Jewellers for allegedly cheating depositors through its chit fund scheme, said Madhan, who had been absconding, surrendered before the TNPID court in Madurai on December 7, 2023.
Following his surrender, the TNPID court remanded him in judicial custody till December 21. Following this, the EOW, Tiruchi Unit, filed an affidavit in the TNPID court in Madurai seeking custodial interrogation of Madhan.
The EOW, on October 19, 2023, conducted simultaneous searches at the jewellery outlets in Tiruchi, Chennai, Nagercoil, Kumbakonam, Coimbatore and Erode. A case was registered against Madhan, his wife Karthika, and Narayanan, manager of the outlet’s Tiruchi branch for allegedly cheating depositors through a chit fund scheme. The police arrested Narayanan on the same day.
The EOW issued lookout notices against Madhan and Karthika, in November. Meanwhile, the Madurai Bench of Madras Hight Court on Friday, dismissed the anticipatory bail petition filed by Karthika, who has been absconding.
Incidentally in connection with this case, the Enforcement Directorate had recently summoned actor Prakash Raj to record his statement. The actor was reportedly the brand ambassador of the jewellery firm. The agency may seek information from him about money paid to him by the firm, sources said.
