The EOW, Tiruchi Unit, has registered a case against Madhan, Karthika and outlet’s Tiruchi branch manager Narayanan under The Tamil Nadu Protection of Interests of Depositors (In Financial Establishments) Act
The Economic Offences Wing (EOW) of Tamil Nadu Police, which is probing a case registered against Pranav Jewellers for allegedly cheating depositors through a chit fund scheme, on Monday issued lookout notices against the owner of the jewellery chain Madhan and his wife Karthika, who are reported to be absconding.
Based on complaints from hundreds of depositors, the EOW teams in Tiruchi conducted searches at the jewellery outlets situated on the Karur bypass and Rockfort area on October 19. Simultaneous searches were also conducted at the jewellery outlets in Chennai, Nagercoil, Kumbakonam, Coimbatore and Erode on the same day. The issue came to limelight after the sudden closure of the jewellery outlets, shocking depositors who had invested in its chit fund scheme.
The EOW, Tiruchi Unit, had registered a case against Madhan, Karthika and outlet’s Tiruchi branch manager Narayanan under Sections 406 (Punishment for criminal breach of trust), 420 (Cheating and dishonestly inducing delivery of property) and 120 b (Punishment of criminal conspiracy) of the Indian Penal Code and under the provisions of The Tamil Nadu Protection of Interests of Depositors (In Financial Establishments) Act.
The EOW had already arrested Narayanan.