Conman arrested for cheating investors in Erode district

COIMBATORE: A conman, who had been absconding for two years, was arrested by the economic offences wing police in Erode district on Friday in connection with a cheating case.The arrested man has been identified as Franklin, 50. Police said Naveenkumar, 38, of Edaiyankattuvalasu in Erode district started two companies -- Unique Exports and East Valley Agro Farms -- in 2017. He became the managing director of the two firms. Muthuselvan, an ex-serviceman from Ramanathapuram, was functioning as a partner. They promised a monthly return of Rs 18,000 as an incentive against a Rs 1 lakh deposit. Similarly, the firm offered various schemes to the investors.The general public, ex-servicemen and their families invested huge amounts in the two companies. The investors got incentives for two months. After that, the firms failed to give them incentives. Later, the companies were closed. Initially, the victims lodged a complaint with the Erode district crime branch police, who registered a case against Naveenkumar, Muthuselvan and a few others. The police arrested Naveenkumar while he was attempting to escape to Dubai from Chennai in 2023.

The case was transferred to the Erode economic offences wing police, who arrested Franklin from Nanjundapuram Perumal Kovil Street in Coimbatore city on Friday in connection with the case.More than 400 people have approached the police to get back their money.