Three women directors of Chennai-based financial firm arrested for fraud

Police said the firm had collected money from members of the public promising a high interest rate on deposits but had not paid up; complaints from 430 investors had been received stating they had been defrauded to the tune of ₹27.63 crore

The Economic Offences Wing (EOW), CID, in Chennai, has arrested three women who were directors/owners of Paraspara Sahaya Nidhi (Perambur) Ltd, a private non-banking finance company, for allegedly defrauding investors. 

The firm, based in Perambur, Chennai along with its proprietor and managing directors collected money from members of the public, offering them a 10.8% interest rate. However, the company failed to pay the depositors the interest amount as well as the principal amount. On April 16,  the EOW, Headquarters, Chennai registered a case against the company and all its directors. 

Police said that so far, complaints have been received from about 430 investors stating that they have been defrauded to the tune of ₹27.63 crores.

E. Vasanthi, proprietor and managing director,  K. Rajam, director and E. Shakti Aishwarya were arrested on Monday and remanded in judicial custody.

Police said searches were conducted at Perambur, Purasawalkam and Choolaimedu, in the houses of the suspected persons involved, and a mobile phone, computer and gold jewellery weighing about 120 grams, were seized. Further investigations are on.

Police have urged the general public to safeguard themselves against such scams and immediately report any such scams that come to their notice. The EOW can be contacted on its helpline number: 044-22504332 and email address: dspcciwcidcni@gmail.com.