Chennai: Wing Cid’s economic violation on Tuesday arrested Sivan Narendran, Chair of Raffrol Retail (OPC) Pvt.
Ltd., because it cheats more than 1,000 people from Rs 100 Crore through deposit schemes that offer interesting returns.
The court then sent him to prison.
The police have been in July called Narendran after his company issued newspaper advertisements with a deposit scheme – one that offered a handsome return and six eggs a week forrs700 per year, the other gave good returns and 12 first eggs and the third offering of a better return and 24 items A week for investment ofrs2,800 per year.
He was allowed to leave after he gave a statement and promised to return cash to 280 depositors.
Then, more than 100 people filed a separate complaint with the police against the Rafoll group for failing to give the promised return.
The company has collected deposits from RS36,000 Tors1lakh and promised to provide Rs 10,000 and Rs 36,000 every month for one year.
The company wrote to the depositors, said the scheme was temporarily jammed and continued to make them fobbing when asked to return money.
In the release, Eow Cid warned the public to the fall of the prey of the scheme.