Mailam Chit Fund owner held for defrauding 251 investors

The proprietor of Mailam Chit Funds Private Limited was on Wednesday arrested and remanded to judicial custody by the Central Crime Branch (CCB) on charges of duping 251 investors to the tune of Rs 7 crore.CCB sources said Ilampooranan, who ran Mailam Chit Funds Private Limited, was picked up by the investors and general public on Tuesday night from a lodge on GP Road where he was staying. He was then handed over to the Anna Salai Police, who handed him over to Central Crime Branch.Shahul Hameed, of Washermenpet, one of the investors and a complainant, reportedly learnt that Ilampooranan was staying in the lodge and went there and insisted that he paid him back the money that his family had invested in the chit. Ilampooranan allegedly abused the complainant and assaulted him. He was overpowered by Shahul Hameed’s friends and was handed over to the cops. A case under Sections 341 (wrongful restraint), 294(b)(sings, recites or utters any obscene song, ballad or words, in or near any public place), 323 (voluntarily causing hurt), 336 (endangering life or personal safety of others), 427 (commits mischief and thereby causes loss or damage to the amount of fifty rupees or upwards), 506(ii)(criminal intimidation) and 420 (cheating) of the IPC was registered based on a petition submitted by Shahul Hameed to the City Police Commissioner, S George.Earlier, Ilampooranan’s  wife Lavanaya was arrested by the CCB following a complaint from one Sundari, a resident of Tondiarpet, on May 7. The complainant alleged that she had invested Rs 7.6 lakh in instalments and the chit matured three months ago. But the money was not paid back to her. Sundari had raked up this issue with Ilampooranan on May 2 and he reportedly assured her that the money would be paid the next day. But to her shock, the chit fund office was shut Aggrieved, she filed a petition with the City Police Commissioner and a case was registered under Section 420 (cheating) of Indian Penal Code (IPC).So far, city police has received complaints from about 251 investors who collectively invested about Rs 7 crore. The company had branches in Tamil Nadu, Puducherry and Andhra Pradesh. The couple had been in business for about 12 years.