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64-yr-old Held for Rs 20 Crore Fraud

A 64-year-old man, who cheated hundreds of people of Rs 20 crores, has been arrested by the policemen attached to the Economic Offences Wing (EOW). Search is on for three of his family members who were also involved in the crime.

Published: 07th February 2014 10:20 AM  |   Last Updated: 07th February 2014 10:20 AM   |  A+A-

D-Sathish-Kumar

A 64-year-old man, who cheated hundreds of people of Rs 20 crores, has been arrested by the policemen attached to the Economic Offences Wing (EOW). Search is on for three of his family members who were also involved in the crime.

D Sathish Kumar (37) of Kalpudur near Katpadi started a finance company called Think Big at Officers Line in 2010. His father Dakshinamoorthy, mother Kanchana (60) and wife Nagalakshmi (28) were partners in the firm. Kumar said his firm would give 10 per cent monthly interest for the amount. He told the depositors  he would invest their money in online trading and multiply their investment.

Over hundreds of people from different parts of Vellore and other districts deposited several lakh of rupees. “We have received a 303 complaints from depositors stating that they had  invested amounts ranging from Rs 2 to `30 lakh each,” said Investigation Officer A Sethupathy. The complainants said the office of Think Big remained locked for a couple of months. Kumar, along with his family members, was missing. The EOW registered a case against Kumar and three of his family members under section 5 of the Tamil Nadu Protection of Interests of Depositors  (in Financial Establishments) Act 1997 read with 120 (b) (criminal conspiracy) and 420 (cheating) of IPC.

The police on Wednesday arrested Kumar’s father and are on the lookout for three others.

“We’ve launched a search for one Murugesan of Vellore. He was known to Kumar,” added the Investigation Officer A Sethupathy.

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