TIRUPATTUR: A jewellery shop owner who had allegedly been on the run after cheating the public of around Rs 70 lakh through a fake gold-investment scheme was arrested by the Vaniyambadi Town Police on Thursday.
The accused, Senthil Kumar of Vaniyambadi, is said to have been running ‘Ruby Jewellery’ in the town’s jewellery bazaar. Police sources said he allegedly convinced customers that rising gold prices would yield high profits and promised returns of up to 25% if they invested through him.
Police told TNIE that seven people had already lodged complaints, and four more submitted complaints on Friday after realising they had been cheated. They added that Senthil Kumar had taken personal loans from several individuals and, in an attempt to repay them, borrowed from others. He allegedly escaped with the gold he collected from the public through the illegal investment scheme.
Vaniyambadi police traced him to Saidapet in Chennai, detained him, and brought him back for questioning. During interrogation, he admitted to the wrongdoing, police said.