Mumbai: Economic Offences Wing Arrests Absconding Chennai Businessman In ₹17.94 Crore Fraud Case

Mumbai: The Economic Offences Wing (EOW) had apprehended a proprietor of GVR Export and Import company for allegedly duping Rs 17.94 crore from 147 individuals under the pretext of providing good returns. The police arrested Venkataramanan Gopalan (56) from Chennai.

“He was arrested from Chennai and was absconding for about a year and frequently changed his location,” an official said.

About The Case

According to the police, the matter had come to light in July, last year when the complainant approached the police station to register an FIR.

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“The alleged accused had rented an office in the Vakola region and had lured 147 individuals with an offer of 7-10% on fixed deposits. The victims, however, neither get the principal amount nor the interest. We suspect that the accused cheated and absconded by fraudulently misappropriating the amount,” the police said.

“Gopalan frequently changed his identity, location, and phone numbers. However, we received a tip-off from reliable sources and arrested him from Chennai. He was produced in court and the court has granted him police custody up to July 11,” the police added.

The police are in the process of seizing the assets of Gopalan. “There are around two or three houses and we are in the process of seizing his assets,” the police said.