Aarudhra scam: Another suspect arrested

The firm had allegedly cheated 1,900 depositors of over Rs 2,438 crore by promising them exorbitant interest rates, the police said.
Image used for representational purpose only. (File Photo)
Image used for representational purpose only. (File Photo)

CHENNAI: The Economic Offences Wing (EOW) CID arrested another key suspect in the Aarudhra gold trading case. The police recovered Rs 2 crore from him. The firm had allegedly cheated 1,900 depositors of over Rs 2,438 crore by promising them exorbitant interest rates, the police said.

According to police, the arrested was identified as S Russo (20). He was arrested from his residence in Sevilimedu in Kancheepuram district on Friday. The police then searched his house and recovered his bank passbook. The passbook showed that Rs 1.40 crore was deposited in his account recently. The police then decided to freeze his bank account.After an inquiry, Russo was remanded in judicial custody.

The police had earlier arrested six suspects—Baskar, Mohanbabu, Pattabiram, Petchi Muthuraj alias Rafeeque, Iyyappan, and Senthil Kumar. All of them were remanded in judicial custody.In May this year, a case under IPC section 420 (cheating), 406 (criminal breach of trust), 409, 120(B) (criminal conspiracy) and Sections 3 & 5 of Banning of Unregulated Deposit Schemes Act, 2019, Section 58-B of RBI Act, 1934, and Section 5 of TNPID Act, 1997, was registered against the company, Aarudhra Gold Trading Private Limited.

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