A special team of the Tiruppur City Police on Sunday arrested a couple on charges of cheating several persons through various chit schemes they ran illegally.
The arrested have been identified as Mohandas and his wife Manimegalai, residents of second street at Kandiamman Nagar on KTC School Road in Tiruppur.
The police said that P. Manikandan, a resident of Chellam Nagar near Murugampalayam in Tiruppur, lodged a complaint demanding action against the couple. The complainant and his wife joined chit schemes offered by the Mohandas and Manimegalai in 2018. The payments in the schemes were completed in December 2019, after which Mr. Manikandan and wife asked the couple to return their money. However, the couple was reportedly missing. They later came to know that the couple was running chit schemes without proper permission and that they had cheated 70 persons of ₹50 lakh, the police said.
A case was registered against Mohandas and Manimegalai under Sections 3, 4, 5(a) of the Prize Chit Money Circulation Schemes Banning Act 1978 and 120(B) and 420 of the Indian Penal Code.
A special team of the police arrested the couple on Sunday and recovered ₹7 lakh from them. The accused were produced before a magistrate who remanded them in judicial custody for 15 days.
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