Chennai: 3 swindle Rs 30 crore from private finance firm, arrested | Chennai News

CHENNAI: Economics offences wing (EOW) police have arrested two people, including a Sri Lankan Tamil, for pilfering Rs 30 crore from a private financing firm run by former AIADMK state minister Lawrence’s son Anto Stalin at Ayanavaram.
They diverted the funds to about 116 fake companies floated by them. The arrested duo was sent to jail. Police had arrested another suspect two months ago.
The arrested were identified as Sudhakar, a native of Jaffna in Sri Lanka, and Prema Sudha. The sleuths had earlier arrested Ramesh, who was working as a senior executive at the finance firm belonging to Anto Stalin. Ramesh and Premasudha were in a live-in relationship, the police said.
After joining the firm in 2012, Ramesh masterminded the fraud in collusion with Sudhakar and Prema Sudha. The trio floated as many as 116 fake companies and availed credit from Anto Stalin’s firm.
These firms were initially paying interest until 2018.
The issue came to light after Anto assigned a team of people to audit the accounts. The team found that nearly Rs 30 crore had disappeared from his firm. A detailed internal inquiry revealed that the money was diverted as loans to the 116 firms that were started by people known to the three accused.
Following this, Anto lodged a complaint with the EOW investigators, who found that the three had swindled the money. While Ramesh was arrested two months ago, the sleuths nabbed the other two on Wednesday.
The police are investigating to find out where the…

Read more…