#Aarudhra 2400 crore

[study-buddies]

Rs 2,400 cr Aarudhra Scam: TN BJP functionary arrested

According to Police, the firm had collected money from over one lakh depositors between September 2020 and May 2022, promising them interests in the range of 25-30 % for their deposits.

Tamil Nadu Police's Economic Offences Wing (EOW) on Friday arrested two persons, including a suspended functionary of Tamil Nadu BJP, K Harish (31) who was one of the directors of Aarudhra Gold trading private limited, which allegedly cheated investors to the tune of Rs 2,400 crore.

Apart from Harish, Police also arrested J Malathy of Tondiarpet who was an additional director in the firm, in charge of the firm's dealings in Vellore and Tiruchy regions.

Both of them were absconding for more than 10 months and managed to evade arrest.

According to Police, the Aarudhra trading scam firm had collected money from over one lakh depositors between September 2020 and May 2022, promising them interests in the range of 25-30 % for their deposits.

After investors realized that they have been cheated, hundreds of them approached the police across the state after which, in May last year, the EOW registered a case under several Sections of IPC including 420 (cheating and sections of the Banning of Unregulated Deposit Schemes (BUDS) Act and Sections of the Tamil Nadu Protection of Interests of Depositors (TNPID) Act.

A total of 21 persons were booked and eight top executives of the firm including the Directors- Baskar, Mohanbabu, Senthil Kumar, Pattabiraman and managers Rafik, Ayyappan and two agents were arrested.

Meanwhile, two months after EOW took up investigations in the case, Harish was appointed as the secretary of sports and skill development cell of TN BJP on June 2, 2022. Harish who claims to be a national level boxer was eventually suspended, claims TN BJP.

[news-line-today]

Aarudhra Gold Pvt Ltd scam | One more director of firm, in hiding for 10 months, arrested  

The arrested man, S. Michaelraj, had been working as an administrative director of the now-defunct firm, which, investigators say cheated over 1 lakh deposited to the tune of ₹2,400 crore.

The Economic Offences Wing (EOW) CID has arrested a director, of the now defunct Aarudhra Gold Trading Private limited, a non-banking finance firm based in Chennai, for cheating thousands of depositors allegedly to the tune of ₹2,400 crore.

The arrested man was identified as S. Michaelraj, 31 of Virudhunagar who was working as an administrative director in the firm, and monitoring transactions made online, and managing the company accounts. He had been in hiding for the last 10 months, police said. On Tuesday, he was arrested at the Chennai International Airport after he landed from Dubai. The EOW officers on Monday conducted a raid at his house in Virudhunagar, and seized incriminating documents.

Last week, the EOW had arrested two directors including K. Harish, a former BJP functionary.

Police said from September 2020 to May 2022, Aarudhra Gold Trading Private Limited, functioning from Aminjikarai collected deposits to the tune of ₹2,400 crore from over one lakh investors by offering to give them interest rates of 25 to 30% for a month. Not only did they fail to deliver on the promised returns, they also did not return the principal amounts to the depositors.

[global-newz]

Aarudhra Gold Director Arrested in High-Profile Investment Fraud Case

The company allegedly collected deposits totalling ₹2,400 crore from over one lakh investors by offering to give interest of 25% to 30% a month; two directors were arrested in May last year.

The Economic Offences Wing (EOW) CID of Tamil Nadu Police on Friday arrested a director of now defunct Aarudhra Gold Trading Pvt. Ltd., a non-banking finance company for cheating many depositors in Kancheepuram district.

The police gave the name of the arrested person as K. Harish, 31, of Kancheepuram. He was a functionary of Sports and Skill Development Cell of the BJP in Tamil Nadu. However, the party clarified that he was removed from the post in June last year.

The police said from September 2020 to May 2022, Aarudhra Gold Trading Pvt. Ltd., functioning from Aminjikarai, collected deposits totalling ₹2,400 crore from over one lakh investors by offering to give interest of 25% to 30% a month. The company failed to keep its promise.

The firms had appointed agents and conducted meetings with depositors at luxury hotels to lure them to invest with them. The directors of the firm had made false promises. Following complaints from depositors, the Economic Offences Wing registered a case under various provisions of the IPC and 21 persons, including directors and agents, were cited as the accused by the police.

The special wing arrested nine persons, including two directors Baskar and Mohan Babu, in May last year. Now, the police arrested Harish and remanded him in judicial custody. The police said he had collected ₹210 crore from the public in Kancheepuram district and transferred the money to his account. Investigation revealed that he had bought 30 properties in his name and his relatives’ names.

The police said their bank accounts had been freezed.

The police arrested another additional Aarudhra gold director of the firm J. Malathi of Tondiarpet who was in charge of branches in Chennai, Vellore and Tiruchi. She was reportedly absconding for the last 10 months and two luxury cars were seized from her.

[marketingpicnic]

Rs 2,400 cr Aarudhra Scam: TN BJP functionary arrested

CHENNAI: Tamil Nadu Police’s Economic Offences Wing (EOW) on Friday arrested two persons, including a suspended functionary of Tamil Nadu BJP, K Harish (31) who was one of the directors of Aarudhra Gold trading private limited, which allegedly cheated investors to the tune of Rs 2,400 crore.

Apart from Harish, Police also arrested J Malathy of Tondiarpet who was an additional director in the firm, in charge of the firm’s dealings in Vellore and Tiruchy regions.

Both of them were absconding for more than 10 months and managed to evade arrest.

According to Police, the firm had collected money from over one lakh depositors between September 2020 and May 2022, promising them interests in the range of 25–30 % for their deposits.

After investors realised that they have been cheated, hundreds of them approached the police across the state after which, in May last year, the EOW registered a case under several Sections of IPC including 420 (cheating and sections of the Banning of Unregulated Deposit Schemes (BUDS) Act and Sections of the Tamil Nadu Protection of Interests of Depositors (TNPID) Act.

A total of 21 persons were booked and eight top executives of the firm including the Directors- Baskar, Mohanbabu, Senthil Kumar, Pattabiraman and managers Rafik, Ayyappan and two agents were arrested.

Meanwhile, two months after EOW took up investigations in the case, Harish was appointed as the secretary of sports and skill development cell of TN BJP on June 2, 2022. Harish who claims to be a national level boxer was eventually suspended, claims TN BJP.

[educationtools]

Investors’ money given to BJP workers: Aarudhra scam accused Harish

CHENNAI: After Harish, one of the accused in Aarudhra Gold Trading scam told investigators in the Economic Offence Wing (EOW) that he had given money, meant for investors, to certain functionaries of BJP, the probe team has summoned two BJP men for a detailed enquiry.

A press release from the State police said that the EOW team had called lawyer Alex of the saffron party’s advocate wing, Pallavaram, and Dr Sudhakar, Ranipet district BJP functionary for enquiry.

Police had arrested 11 people including Harish in connection with the case. He had believed to have collected Rs 84 crore from investors in and around Kancheepuram. He had also received around Rs 130 crore from Aarudhra.

Harish purchased properties worth over Rs 15 crore in his and relatives’ name, besides starting a firm named ‘One Man Groups’, police said. Harish was a BJP state functionary when he was a director in the Aarudhra Gold Trading.

At that time, Harish told the police that he had given money — meant to be returned to investors — to the BJP functionaries.

Meanwhile, the Enforcement Directorate has decided to examine transactions of at least 4 trading-cum-investment companies including Aarudhra Gold Trading, IFS and Hijau to see if there were any scope for booking the companies and executives under Prevention of Money Laundering Act and FERA.

A total of 2.87 lakh people had invested in 4 companies to the tune of Rs 13,700 cr in the last few years. Sleuths from the State EOW are already investigating cases registered against these companies and have arrested many suspects.

While ED will be scrutinising the financial transaction of these companies, EOW will be continuing the investigation on cheating aspects.

[edu-information]

Arudhra gold trading scam | BJP functionary and film actor-producer R.K. Suresh moves Madras High Court challenging police summons

Justice G. Chandrasekharan has granted a week’s time for the Economic Offences Wing to file its reply to the plea to quash the summons, issued in connection with the ₹2,400 crore Arudhra gold trading scam.

BJP functionary R.K. Suresh, who is also an actor-producer, has moved the Madras High Court challenging the summons issued to him by the Economic Offences Wing (EOW) in connection with the investigation into the ₹2,400 crore Arudhra gold trading scam.

Justice G. Chandrasekharan accepted a request made by Government Advocate (criminal side) S. Santhosh to grant him a week’s time to file a reply on behalf of the prosecution, before taking a call on the petitioner’s request to quash the summons, since it does not specify the documents required from him.

Senior counsel V. Raghavachari, representing the petitioner, told the court that his client was neither an accused person, nor a person who had benefitted from the transactions. He said the summons was vague and did not contain any details regarding the details required to be furnished by his client.

The judge, prima facie, concurred with the Senior Counsel and told the Government Advocate that the summons might have to be quashed because it does not specify the documents required from the petitioner and the police could be given liberty to issue fresh summons indicating the specifics.

However, Mr. Santhosh vehemently opposed the plea and requested the court to grant him a weeks’ time to submit a written reply since the case involved ₹2,400 crore of public money that had been collected by Arudhra Gold Trading Private Limited, a firm which had allegedly cheated most of its depositors.

The judge accepted the requested and adjourned the hearing on the petition by a week. When the Senior Counsel insisted on an interim order till then, he said no such order would be necessary and that a final call could be taken on the issue after receipt of the prosecution’s response in writing.

[tutorexpress]

Economic Offences Wing summons two BJP functionaries for inquiry in Aarudhra Gold Trading scam case

The Economic Offences Wing (EOW) CID of the Tamil Nadu Police said it had issued summons to two BJP functionaries for an inquiry in connection with their involvement with the director of Aarudhra Gold Trading Private Limited.

Last month, the special unit of police arrested K. Harish, 31, of Kancheepuram, who was a functionary of the Sports and Skill Development Cell of the Tamil Nadu unity of the BJP. Harish was one of the directors of Aarudhra Gold Trading Private Limited functioning from Aminjikarai, which collected deposits to the tune of ₹2,400 crore from over 1 lakh investors by offering to give interest from 25 to 30% for a month and later failed to give returns as promised.

The police said it had found six fictitious companies and identified 16 suspects in connection with the scam. So far, 11 suspects had been arrested and remanded.

“Harish is one of the key suspects. He was remanded in judicial custody on March 24. He was interrogated for 11 days from March 28 and disclosed that ₹84 crore was received from depositors by the firm in Kancheepuram district. However, the firm gave him ₹130 crore. He bought properties to the tune of ₹15 crore and also made investments in some firms. Besides, he also invested the money through a firm called ‘One Man Groups’,” the EOW release said. His car, mobile phones, property documents and other incriminating evidence were seized.

“He has disclosed that he paid off a few persons in the party to get the post from the money which was supposed to be returned to the depositors. Following his statement, summons have been issued to advocate Alex, of the Advocates’ Wing, Pallavaram, and Sudhakar, a district functionary of the Ranipet BJP unit, for an inquiry,” a press release from the police said.