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November 13, 2023 07:07 pm | Updated 07:07 pm IST – Salem
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The police registered a case against a jewellery shop owner and managers of the shop in Salem that collected deposits from the public, promising high interest, and cheated them of several crores.
Sabarishankar (40) of Valasaiyur near Veeranam runs jewellery shops at Ammapet and Seelanaickenpatti in Salem city and has 11 branches in Attur, Harur, Dharmapuri, Coimbatore, Tiruchi, and Namakkal districts. He announced that he would give high interest to the amount deposited in the jewellery and also collected monthly gold chits. Hundreds of people deposited money in his shops across the State.
As the shops remained closed for the past few days, depositors grew suspicious and visited his house at Valasaiyur and found it locked.
On Sunday, Ranjith (30) of Vazhapadi lodged a complaint with the Salem Central Crime Branch (CCB) against Sabarishankar and his managers Kavin and Ajith for cheating him of ₹11 lakh deposit amount. Many people started to file complaints with the CCB against the jeweller. Police were deployed at the jewellery shops in Salem district.
The CCB police registered a case against the trio under sections 406, 409, 420, 120 (b), and 34 of the Indian Penal Code (IPC) and Section 5 of the Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act.
Police sources said that till Monday evening, 18 people had lodged complaints against Sabarishankar, and his managers, and the amount cheated crossed over ₹50 lakh. Preliminary investigations revealed that depositors had been cheated of several crores of rupees. People who lost their money should lodge a complaint with the CCB, and special teams had been formed to nab the culprits, the sources added.
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