The Economic Offences Wing (EOW) of Coimbatore police arrested the director of Sarva ITech Solutionz Limited on Friday for allegedly cheating an investor of Rs 1.25 lakh. Reportedly, two more directors of the firm are absconding.
According to the Coimbatore Police, the firm had collected money from hundreds of investors and had duped them of at least Rs 50 crore.
The accused have been identified as R Rithu Varnan, 37, of Chinnasamy Avenue at Peelamedu, while the absconding directors have been identified as Kelath Sri Hari and Velangappadi Balamurugan.
R Rithu Varnan has been booked under the sections 120 B (criminal conspiracy), 406 (criminal breach of trust), 420 (cheating and dishonestly inducing delivery of property) of the Indian Penal Court and Section 5 of the Tamil Nadu Protection of Interests of Depositors(in Financial Establishment) Act.
Sarva Itech Solutionz Limited is a Public incorporated on 16 April 2020. It is classified as Non-govt company and is registered at Registrar of Companies, Coimbatore.