Searches conducted at locations linked to Aruthra: Documents worth ₹1.50 crore, ₹22 lakh seized
Tamil Nadu: The Enforcement Directorate reported that documents worth ₹1.50 crore and ₹22 lakh in cash were seized during searches at locations linked to the Aruthra company.
Aruthra Gold Trading Private Limited, headquartered in Metthanagar, Chennai, advertised that if you invest ₹1 lakh with them, you will receive ₹36,000 in interest every month.
Believing this, many people invested in the company. However, the company defrauded 104,433 people of ₹2,438 crore. In this case, the Economic Offenses Wing of the Tamil Nadu Police filed a case against 21 executives of the company and arrested 14 people.
In this case, ₹96 crore has been frozen in 170 bank accounts of the company. Additionally, 127 properties of Aruthra worth ₹23.44 crore have been frozen. Since the scam involved illegal money transfers, the Enforcement Directorate has registered a separate case and is investigating.
Documents worth ₹1.51 crore seized: To gather evidence in the case, Enforcement Directorate officials conducted simultaneous searches at 21 locations linked to the company in Chennai, Kanchipuram, Vellore, Mumbai, and Kolkata on Wednesday.
Raids were conducted at all locations on Thursday. The Enforcement Directorate stated that documents of unaccounted properties worth ₹1.50 crore, ₹22 lakh in cash, and digital documents were seized during the raids.
The Enforcement Directorate further stated in its press release: A case has been registered against Aruthra Company under the Prevention of Money Laundering Act based on a case filed by the Tamil Nadu Economic Offenses Wing.
The charge sheet filed in court by the Economic Crimes Division names 40 people as accused.
Fake Directors: Aruthra Company has committed a total fraud of ₹2,438 crore, of which ₹2,438 crore was used for fraud. ₹1,404 crore has not been returned to its investors. An investigation of Aruthra Company’s bank accounts and those of individuals associated with the company revealed that money transfers totaling ₹2,000 crore were made.
There were 1,230 transactions of more than ₹10 lakh. These transactions involved ₹1,060 crore. Most of the transactions were sent to various bank accounts.
The main reason for the fraud is that public money invested was transferred to the bank accounts of various individuals with the intention of committing fraud. Some directors of Aruthra Company were appointed improperly. The statement said that these people were used by the officials of Aruthra company for their petty tasks.
