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NewsDirector of defunct gold trading company arrested at Chennai airport

Director of defunct gold trading company arrested at Chennai airport

Chennai: The Tamil Nadu Police on Wednesday arrested the director of the defunct Arudhara Gold Trading Company, N. Michael Raj is arrested at the airport. He had reached Chennai airport from Dubai. Immigration officials at the airport tipped them off to the police. There was a lookout notice against him. The police first Harish and J. Malathi, who was also the director of the company. Five more people are still absconding in connection with the multi-crore fraud perpetrated by the company in the state.
According to the investigating officers, the company had duped an amount of Rs 2,438 crore and it had promised high returns on investment and collected the amount from around one lakh depositors from September 2020 to May 2022. Police sources told IANS that the amount defrauded could be much higher as many investors have not yet complained fearing that revelation would reveal the source of the money they had invested. According to sources, many government officials have invested their money in the company expecting huge returns.

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