Coimbatore: Wing (EOW) economic violation of the police has identified property worth ₹ 60 crore belonging to the Executive Director of Universal Trade Solutions (UTS), G Ramesh, 32, and Frozen ₹ 30 Crore in his bank account.
EOW officials have sent property details to the income department to attach it to auction.
Potions, residents of Sivadhaniyapuram, were accused of deceiving nearly 1,000 investors in the Regency ₹ 100 Crore through various Ponzi schemes.
“We have identified 22 properties, including two coconut houses and farms, that Ramesh bought on behalf of his Benamis.
With the help of the Income Tax Department officials, we have freezed ₹ 30 crore in Ramesh’s bank account and colleagues too,” said a person Police officer.
He said a detailed report was sent to the district income officer to attach the property.
“The results of the auction will be disbursed to the depositors.” Madras High Court, meanwhile, is likely to form a committee to facilitate payments to depositors, based on their requests in this last month.
The officer said Ramesh floated UTS in 2017 with his office in Peellamedu and introduced four ponzi – freedom, online, manual and fixed scheme.
While all schemes, except repaired, require lakh ₹ 1 investment, investors are promised interest of 5% and 5% of the capital every month for 20 months under the freedom scheme, 10% of interest and 10% of the capital for each month for 10 months below Online package and 12% refund in a year with a manual scheme.
Under the permanent scheme, investors promised the return of ₹ 1.50 lakh after a year with an investment of ₹ 50,000, expecting a big return.
While the company began his words, suddenly stopped paying investors.
Investors who are not satisfied submitting complaints with EOW police, who searched the UTS office and collected documentary evidence on Tuesday.
The police previously registered a case against Ramesh, the Directors of UTS Kanagaraj and Jaskar, and General Manager of Sunilkumar.
Police EOW identifies 22 Property Company Ponzi MD, Freezing ₹ 30 Crore
