Summary:
The two were produced before the Tamil Nadu Protection of Depositors (Financial Establishments) court (TANPID) and remanded.Inquiries revealed that Velusamy and family had purchased houses, land, agricultural farms and gold ornaments with the money collected from the depositors. Coimbatore: Velusamy 72 , and his entire family were on a cheating spree for the past 10 years, duping more than 500 depositors to the tune of Rs 9 crore, which they allegedly used to buy houses But their dubious chit fund operations came to an end on Wednesday when sleuths attached to the Economic Offences Wing (EOW) arrested Velusamy and his grandson Gokulnath, 23. Rest of the family members, three of them women, are on the run.The police are yet to recover the money collected from the depositors, but are hopeful that they would do so in the coming days.According to the EOW sleuths, Velusamy, along with his wife Thulasiammal, son Ganesan, daughter-in-law Indirani, daughter Chitra and grandson, was running Thulasiammal Chit Limited since 2008 at Bodiplayam near Madukkarai. Over the years, the family convinced more than 500 people from Bodipalayam, Sundarapuram, Kuniamuthur and Madukkarai to deposit anywhere between Rs 1,0000 to Rs 15 lakh in the firm.When the entire family members were found missing from their house, one Sounderarajan lodged a complaint saying he had deposited Rs 12.25 lakh in Thulasiammal Chit Funds and sought the police help to get back his money.Subsequently, the police launched a manhunt and nabbed Velusamy and Gokulnath on Wednesday from their hideout..