Sun Feb 23 13:57:27 UTC 2025: ## Salem Police Bust Ponzi Scheme, Arrest 14, Seize ₹3 Crore
**Salem, Tamil Nadu – February 23, 2025** – Salem City Police have arrested 14 individuals, including four directors and ten agents of a private company, for allegedly running a fraudulent investment scheme. The company, operating from a rented building in Salem, promised investors double their money, attracting deposits from the public.
Following complaints from depositors who claimed the company failed to deliver on its promises, police launched an investigation culminating in a raid on Sunday. The search resulted in the seizure of ₹3 crore in cash, along with 250 grams of gold, 20 grams of diamonds, and two kilograms of silver from the homes of the directors and the company premises. The company’s office has been sealed.
The arrested individuals – directors G. Rajesh, R. Sathyabama, M. Rajesh, and Haribaskar, along with agents Rajendran, Kumar, Palanivel, Gopalakrishnan, Prabhu, Mahadevan, Rajeswari, Rani, Kalaivani, and Kala – were remanded in judicial custody after appearing before the Special Court for Tamil Nadu Protection of Interests of Depositors (TNPID) in Coimbatore. The police are continuing their investigation.
First Piper 