Woman held on charges of cheating depositors

By Our Staff Reporter

CHENNAI, JAN. 23. A woman wanted by the Central Crime Branch police on charges of cheating depositors to the tune of over Rs. 2.5 crores surrendered today before the Additional Chief Metropolitan Magistrate.

According to police, Mrs. Shoba Rangarao was running Rekha Finance in Shenoy Nagar. She had collected deposits from several persons and also conducted chits regularly.

She had suddenly absconded with the money. Police said she had also filed an insolvency petition in a court at Coimbatore.

Meanwhile, the CCB police are planning to take her into police custody for further interrogation.

In another case, the managing director of Imayam group of companies, Mr. M. M. Ravindranath, was arrested by the economic offences wing on Saturday on charges of duping depositors of over Rs. two crores.

A police team on the instructions of IG EOW, Mr. C. Balasubramaniam, had the MD arrested. Depositors who went to collect their money had been threatened by the goondas engaged by the company, police said.

The SP EOW, Mr. A. G. Mourya, said properties of the MD and his relatives had been identified and appropriate action would be taken.

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Section  : Southern States
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