Pondy opposition leader demands police action in Rs 15-crore financial fraud

Promising high returns, the suspects had allegedly cheated over 150 people of more than Rs 15 crore between October 2021 and April 2022.
Puducherry state DMK convenor and opposition leader R Siva
Puducherry state DMK convenor and opposition leader R SivaPhoto | X - @R_SivaDMK
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PUDUCHERRY: Opposition leader and Puducherry DMK convenor R Siva submitted a memorandum to Chief Minister N Rangasamy on Tuesday seeking immediate action against three persons involved in an investment fraud.

Promising high returns, the suspects had allegedly cheated over 150 people of more than Rs 15 crore between October 2021 and April 2022. According to sources, 84 people have given police complaints against the suspects on Monday.

Speaking to reporters after meeting the CM, Siva claimed the suspects had used the money to purchase properties at several locations. He demanded swift police action to recover the funds, called on the government to investigate the role of government employees in the scam, penalise those involved, and provide relief to the affected families.

The alleged scam involves Puducherry Government Slum Clearance Board contract employee Jayakumar, his wife Subalakshmi who is an anganwadi worker, and their accomplice Gopi from Panamalaipet in Villupuram district. The suspects allegedly solicited investments from over 150 people in Odiyampet and Villianur areas, promising monthly returns of `8,000 on every Rs 1 lakh invested.

Initially, the group had paid the interest amount as promised, luring more people to invest by showcasing the returns. However, payments ceased abruptly and Gopi allegedly absconded with the funds. When questioned, Jayakumar claimed that the money had been invested in the stock market and assured repayment.

As pressure mounted, victims—many of whom had mortgaged properties, sold assets, or borrowed money to invest—allegedly faced threats and abuse from Jayakumar and his relatives. Siva claimed that one person had died by suicide due to financial stress caused by the scam.
DMK agriculture wing secretary Kulasekaran and several victims of the scam accompanied Siva.

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