Chennai: A father-son duo in Chennai’s Kolathur were arrested for cheating investors of Rs 4.8 crore under the pretext of investing in livestock business, said police.
The duo, who were running a milk farm, told people that they were procuring high milk yielding varieties of cows from Gujarat and for that they needed funds. The arrested are Sunderajan (67) and his son S. Mahesh Kumar (40).
They promised huge returns and collected money from investors, said police.
Police said that they lured 25 investors and collected Rs 20 lakh from each investor and promised them good returns. However, the duo fudged the account books and showed lesser sale. Around Rs 20 lakh was distributed to the 25 investors and the remaining money was swindled, police said.
After the investors were not getting proper returns, they lodged a complaint with the police who on investigation found that the duo were cheating the investors under the guise of a livestock farm.
The father and son were arrested and produced before a court which remanded them to judicial custody.
Greater Chennai police have warned the public against such fraudulent investment companies and schemes and to be doubly cautious before making such investments.
–IANS