CHENNAI: Sleuths from the Economic Offences Wing (EOW) on Sunday conducted searches of offices and houses belonging to five people allegedly linked in the LNS International Financial Services scam case. The case is currently under investigation.
A press release from the DGP office identified - Lakshminarayanan Sundaram, Sundaram Vedanarayanan, Sundaram Bakthavachalm, Gajendran and Vivek- who are linked to the case. All were directors at LNS International Financial Services. On Sunday, searchers were conducted in Chennai, Vellore and Arakkonam.
On August 5, a search was conducted at 21 places in Chennai, Thiruvallur, Kanchipuram, Vellore, Ranipet, Erode and Coimbatore. On August 6, one place was searched in Chennai. During these searches, the sleuths recovered 247 documents, 16 computers, 57 laptops, 40 sovereigns worth of gold jewellery, and Rs 1.06 crore in cash.
The EOW said that based on all the information and documents, they believe that more than `4,000 crore would have been collected by the company from more than 79,000 people under the pretext of a money doubling scheme.
During inquiries, the EOW found out that instead of investing the money in the share market and real estate as was promised, the company used the deposit from one investor to pay back the previous investor.
Based on the inquiries and complaints received, the EOW booked cased under sections 420, 120(B) of the IPC; section 5 of the Tamil Nadu Protection of Interests of Depositors (In Financial Establishments) Act, 1997; and sections 3, 5, 21(1), 21(2), 21(3), 23, 25 of Banning of Unregulated Deposits Scheme Act, 2019. Further investigation is on.
People who have been cheated by this company can contact the investigating officer via email at eowlnsifscase@gmail.com.