Five held for duping investors

The Salem City Crime Branch recently arrested five persons, related to a multilevel marketing firm, for allegedly duping investors to the tune of ₹1.25 crore.

The Crime Branch arrested K.Lakhsmanan, Shahul Urmeed, V.Umapathi, A.Selvavinayagam and M.Chandrashekaran and they were remanded in judicial custody. Police also secured original documents of assets worth ₹ 1.93 crore from the accused.

According to police, K.Lakshmanan was running an online multilevel marketing business for crab farming and took an investment of ₹8.10 lakh from one of the complaintants, K.Beethambaram in Fairlands here. Initially, Mr.Beethambaram was paid profit dividends and he made his friends to invest in the firm to the tune of ₹ 1.25 crore.

According to the complainants, they were not paid profit dividends for long and the firm refused to pay them ₹1.14 crore even after repeated requests. Following their complaint, the accused were arrested and remanded recently.

City Police Commissioner T.Senthil Kumar warned that stern action would be taken against persons duping people.

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