ILF, Aarudhra scams: 30-year-old loses Rs 7L, kills self in Chennai

Lenders had threatened to seize his house as he failed to pay back
Image used for representational purposes. (File Photo)
Image used for representational purposes. (File Photo)

CHENNAI: A 30-year-old man, who was working in a courier company, died by suicide in Kancheepuram on Thursday night after losing Rs 7 lakh in two financial scams. He allegedly took extreme step after harassment by the moneylenders.

The victim was identified as Raju from Kamaraj Nagar in Kancheepuram, said the police. On Thursday night, Raju returned home from work and locked himself in the room and was later found dead, said the police.

“Raju had allegedly taken a loan from the bank and also borrowed from friends and neighbours to the tune of Rs 7 lakh. About two years ago, Raju invested in IFS Financial Company (IFS) and Aarudhra Gold Trading Pvt Ltd, which offered high returns. Like many other depositors, Raju had also been cheated by the companies,” said a senior police officer.

Meanwhile, for the past few weeks, Raju was under tremendous mental pressure as the lenders began demanding their money back. Some even allegedly threatened to mortgage his house to get back the money, said the police. This could have led him to take the extreme step, said the police. Siva Kanchi police registered a case and sent the body to the Kancheepuram Government Hospital for postmortem. Raju is survived by his wife and two daughters.

The Economic Offences Wing (EOW) has registered cases against Aarudhra, IFS and other companies that cheated people with a promise of high returns. As of July, about 250 people have been arrested in connection with different scams and a hunt is on for more than 1,000 people. Aarudhra Gold Trading Pvt Ltd has cheated about one lakh investors to the tune of Rs 2,438 crore, between 2020 and 2022. The Vellore-based LNS International Financial Services (IFS) had swindled a mammoth Rs 6,000 crore from at least three lakh investors.

Discussing suicides can be triggering for some. However, suicides are preventable. In case you feel distressed by the content or know someone in distress, call Sneha Foundation - 04424640050 (available 24x7).

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