Tamil Nadu - Vellore

Four arrested in cheating case

VELLORE: Four persons, accused of cheating hundreds of people by receiving huge deposits with the promise of investing them in stock market and paying 15 per cent ‘interest’ every month, were arrested by the Vellore South Police on Sunday night.

The arrested were identified as B. Srinivasan (38), a visually challenged person of Gandhinagar, in whose name the ‘company’ was started, Gajalakshmi (32), his wife, Vijayakrishnan (31), his brother-in-law, and Mahalakshmi (24), his sister-in-law. According to the police, the accused received huge sums from each depositor in the last one year with the promise of investing them in stock market and paying them 15 per cent ‘interest’ every month. While the accused were said to have paid the ‘interest’ for some months, they failed to pay in the subsequent months.

When depositors went to Srinivasan’s office on Thennamaram Street here on November 16, they found it locked. The accused were arrested under Sections 420 (cheating and dishonestly inducing delivery of property), 468 (forgery for purpose of cheating) and 471 (using as genuine a forged document).

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