Father-son duo arrested for cheating ₹4.80 crores from Investors

Written by Sarath Kumar
- Updated: Mar 2, 2023

Two people were detained on Tuesday by the Central Crime Branch (CCB) of the Greater Chennai Police in connection with a scheme to defraud multiple investors out of more than 4.80 crore. The CCB is using elite units to track down the last three fugitives.

According to the police, a group of investors filed a complaint with Commissioner of Police Shankar Jiwal alleging that a business called Goleacha had solicited investments in a dairy company with the promise of substantial returns. The promoters took in Rs. 5.74 billion from investors but never gave it back.

Mr. Jiwal asked the CCB's Entrustment Document Fraud (EDF) division to look into the allegation. S. Sundararajan, S. Mageshkumar, Mahalakshmi, Karthikeyan, and Muthukumar, the owners of the dairy company, were found guilty of investor fraud after a police investigation.

Sundaarajan and Mageshkumar were apprehended by the CCB squad while the other three were still at large. After appearing before a judge, the pair were each given prison sentences.

More Posts Like this

Notify of
Inline Feedbacks
View all comments

Disclosure: Some of the links in this article may be affiliate links, which can provide compensation to me at no cost to you if you decide to purchase a paid plan. These are products I’ve personally used and stand behind. This site is not intended to provide financial advice and is for entertainment only. You can read our affiliate disclosure in our privacy policy.

Get Exclusive News Updates straight to your Inbox
Don’t Miss Important news if you don’t watch TV or read Newspaper
Main Page Subscribe Form
Seraphinite AcceleratorOptimized by Seraphinite Accelerator
Turns on site high speed to be attractive for people and search engines.