Fri Dec 20 12:46:02 UTC 2024: **Coimbatore Man Arrested for Fraudulent “Interest-Free” Loans**
COIMBATORE, INDIA (December 20, 2024) – A 62-year-old man, Shanmugam, has been arrested by the Coimbatore District Crime Branch (DCB) for allegedly defrauding numerous individuals through a fake loan scheme operated under the guise of the “Dr. APJ Abdul Kalam Foundation.” The organization, which boasts offices in over 10 districts, promised interest-free loans of up to ₹1 lakh in exchange for an upfront payment, targeting vulnerable populations including the differently-abled and widows.
Shanmugam, who was apprehended in Erode on Thursday, is accused of collecting significant sums of money from applicants, many of whom paid upwards of ₹1 lakh, without providing the promised loans. One complainant, S. Karthikeyan, reported paying ₹25,000 for a ₹5 lakh loan in 2021 but received nothing in return. Police suspect thousands may have been victims of the scheme.
The DCB launched its investigation following a complaint filed on December 18th. Ruban is identified as the prime suspect, with Yasodha, Srinivasan, and David Rajan also being sought by authorities. The organization, established as a trust in 2011, is believed to have defrauded individuals throughout the state. The investigation continues.
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