Aarudhra Gold director arrested for investment fraud

The company allegedly collected deposits totalling ₹2,400 crore from over one lakh investors by offering to give interest of 25% to 30% a month; two directors were arrested in May last year.

The Economic Offences Wing (EOW) CID of Tamil Nadu Police on Friday arrested a director of now defunct Aarudhra Gold Trading Pvt. Ltd., a non-banking finance company for cheating many depositors in Kancheepuram district.

RK Suresh

The police gave the name of the arrested person as K. Harish, 31, of Kancheepuram. He was a functionary of Sports and Skill Development Cell of the BJP in Tamil Nadu. However, the party clarified that he was removed from the post in June last year.

The police said from September 2020 to May 2022, Aarudhra Gold Trading Pvt. Ltd., functioning from Aminjikarai, collected deposits totalling ₹2,400 crore from over one lakh investors by offering to give interest of 25% to 30% a month. The company failed to keep its promise.

The firms had appointed agents and conducted meetings with depositors at luxury hotels to lure them to invest with them. The directors of the firm had made false promises. Following complaints from depositors, the Economic Offences Wing registered a case under various provisions of the IPC and 21 persons, including directors and agents, were cited as the accused by the police.

The special wing arrested nine persons, including two directors Baskar and Mohan Babu, in May last year. Now, the police arrested Harish and remanded him in judicial custody. The police said he had collected ₹210 crore from the public in Kancheepuram district and transferred the money to his account. Investigation revealed that he had bought 30 properties in his name and his relatives’ names. The police said their bank accounts had been freezed.

The police arrested another additional Aarudhra gold director of the firm J. Malathi of Tondiarpet who was in charge of branches in Chennai, Vellore and Tiruchi. She was reportedly absconding for the last 10 months and two luxury cars were seized from her.

Congress Candidate Withdraws: Funding Woes Hit Puri Lok Sabha Seat Contest

In a significant setback for the Congress party in Odisha, Sucharita Mohanty, the candidate for the Puri Lok Sabha seat, has withdrawn from the electoral race. Citing the party’s alleged denial of funding, Mohanty’s decision has stirred controversy and highlighted internal challenges within the party. Congress's Puri Lok Sabha candidate Sucharita Mohanty. Background: Sucharita Mohanty, a seasoned journalist turned politician, expressed her inability to continue campaigning in Puri without financial support from the party. She emphasized the crucial role of funding in mounting an effective campaign, especially in a high-profile constituency like Puri. Financial Strain: Facing a financial crunch, Mohanty’s campaign struggled to secure necessary resources for effective outreach and mobilization efforts. Despite her earnest efforts, she encountered hurdles in securing funds, which severely hampered her electoral campaign. Party Response: Ajoy Kumar, the AICC Odisha in-charge, refuted ...

ESSENTIAL TIPS FOR FIRST-TIME BUYERS: WHY G SQUARE REAL ESTATE IS THE RIGHT CHOICE

Introduction Investing in real estate for the first time can be considered a milestone-a mix of thrill and a perfect need to do some serious homework. The final price and satisfaction can be ensured from budgeting and selecting a perfect developer, respectively. G Square Real Estate facilitates smoothness in these processes and offers only high-end segments as a well-reputed developer brand in the industry. Highlighting the benefits of choosing G Square Real Estate. Guidelines to the First-Time Buyers Form a realistic budget: Give an approximation to your budget by estimating your income, expenses, and how much loan you would be eligible for. A well-planned budget instils the confidence to make all decisions. Select the Right Developer: A good developer is about safe investment. G Square Real Estate is built on three core pillars: Ethical practices Clear documentation and Customers at the forefront Check the Location: Everything is location in real estate: access, li...

Blogzen

Search This Blog