THIRUVANANTHAPURAM: Neyyattinkara police have arrested a 55-year-old gold pawn shop owner for cheating about Rs 16 crore from depositors who had invested in the financial firm he was running illegally. Raveendran, of Nellimoodu, near Neyyattinkara, was arrested from his relative’s house on the basis of complaints filed by the depositors.
Neyyattinkara DySP B Harikumar said more than 70 depositors have so far approached the police with complaints. He said Raveendran used to run a chit company under the garb of gold pawn business. Recently, when some of the depositors tried to withdraw their deposits, Raveendran went absconding, after which they lodged complaints with the police.
The police said they expect more complaints will surface against Raveendran in the coming days. “There are people who have invested a lot of money in his chit company. They are expected to turn up soon,” police sources said.
Harikumar said a probe will be launched in the coming days to unearth details of the properties held by Raveendran. As of now, Raveendran owns only a house where he is currently staying. The police said the house is under mortgage.