Woman police inspector booked in gold coin fraud case

Chennai: The Economic Offences Wing (EOW) police registered a case against a woman police inspector in connection with the ₹20 crore gold coin investment fraud and intensified the investigation after arresting the scheme’s promoter.

Officials are examining allegations that the inspector promoted the investment scheme and collected money from investors, including police personnel and their families.Prabhumani, a relative of inspector Sheela Mary of the Royapuram all-women police station, reportedly introduced an investment scheme through a WhatsApp group in 2023. The scheme promised gold coins at prices below the prevailing market rate and assured monthly returns.

A company was also established to operate the scheme. Police said inspector Sheela Mary promoted the scheme among personnel serving in the Chennai city police and encouraged investments.Police alleged that Prabhumani, accompanied by inspector Sheela Mary in her official vehicle, distributed gold coins at discounted prices during the initial stages, boosting public confidence and attracting more investors.

But after collecting large sums of money, the organisers failed to supply the promised gold coins or provide the assured returns.Following a complaint lodged by a bank employee who claimed to have been cheated, the EOW registered a case. Prabhumani and inspector Sheela Mary were arrested on Thursday and are being interrogated. Meanwhile, Chennai city commissioner of police, A Amalraj, ordered a separate departmental inquiry into the complaints against inspector Sheela Mary.