The Central Bureau of Investigation (CBI) has registered a case against Gowtham Ramesh, managing director of Coimbatore-based Universal Trading Solutions Pvt Ltd (UTS), over allegations of duping depositors from all over the country worth approximately Rs 3,000 crores through Ponzi schemes.
The FIR copy accessed by ANI showed that during the period from October 2018 to November 2018, the accused persons with dishonest intention to cheat, made online advertisements about different companies promising that if the company shares are purchased, 10 percent of the profit will be given to the purchaser.
Believing the said promise, the FIR says the complainant deposited Rs 5 lakhs into different bank accounts of the accused persons, thereafter the accused person neither returned the deposited amount nor the profit of the share, thus intentionally cheated him, and when the complainant asked to return the deposited amount the accused person, they threatened to kill him.
There were many cases of fraud and cheating registered against Gowtham Ramesh in Tamil Nadu and Kerala.
Following the orders of Kerala High Court, the case has been handed over to CBI for further investigation. UTS had its branches in Tamil Nadu, Kerala and Karnataka.The firm took investments from the public, offering the highest interest rate in the market.
It was alleged that UTS had defrauded an estimated amount of Rs 3000 crore from depositors from all over the country. In Kerala around 50 cases have been registered and a defrauded amount is yet to be estimated.
ANI
