Coimbatore: Economic Violations of the Police (EOW) Police have identified 22 properties worth RS 60 Crore belonging to UTS (Universal Trading Solutions) Managing Director G Company G Ramesh, 32, and Frozen RS 30 Crore in various bank accounts.
EOW officials have sent property details to the income department to attach it to be auctioned.
“We have identified 22 properties including two houses, coconut farms, and ramesh land “said a police officer.
He also added that a detailed report was sent to the Revenue District (DRO), Coimbatore officer, to attach the property.
“After the property is installed, they will come to be auctioned.
After the auction, the funds will be disbursed to the depositors,” the officer said.
The depositors approach close to Madras High Court to form a committee to disburse the amount to depositors.
The court is expected to immediately form a committee.
M Ramesh, 30, from Sivadhaniyapuram near the University of Bharathiar in the Coimbatore district filed a complaint with EOP police in June 2019.
He said that the company named UTS began in Pealamedu in 2017 and it offered four schemes including a scheme of freedom, online, manual and fixed.
In accordance with the freedom scheme, if people invest RS 1 lakh in the company, they will get 5% of interest and 5% of capital investment every month for 20 months.
People, who invest RS 1 lakh in the online scheme, will get 10% of interest and 10% of capital investment as a return every month for ten months.
People, who invest their numbers in the manual scheme, will get a 12% return in one year.
If people invest Rs 50,000 under the permanent scheme, they will get Rs 1.50 lakh after one year.
People from various District Tamil Nadu and Kerala are captivated by the Ponzi scheme offered by UTS companies.
About 1,000 people from Coimbatore invested RS 100 Crore under various schemes.
The company repaid the number according to the scheme for several months and then stopped payment.
Meanwhile EOW police officials searched the UTS office in Peellamedu and gathered documentary evidence.
Based on complaints, the police registered a case against the UTS Ramesh Managing Director, Director of Kanagaraj, 21, Director of Jaskar and Sunilkumar General Manager.
They were ordered under Section 406 (criminal violations of trust), 420 (cheating) and part 21 of chits gifts and circulation (banning) laws and section 4 of the TNPID law.
Ramesh gets intimate stay from Madras High Court to stop EOW police continue.
So, the police cannot receive the petition from the victims.
Ramesh was arrested by Salem City Police in July 2020 because of deceiving investors in other companies named UTE (Universal Trading Enterprises).
He was put forward in the Salem center prison.
The Madras High Court emptied fixed orders on February 8, 2021 and EOW police made formal arrest on February 26.
Initial investigation revealed that he had received Rs 1,103 Crore from investors.
Ramesh faces two cases in TN and 33 cases in Kerala.
Ponzi scheme: Director UTS RS 30 frozen crore
