Two Villivakkam Brothers Arrested in Tiruvallur for ₹30 Crore Finance Fraud

The Tiruvallur district crime branch police have arrested two brothers from Villivakkam for running a fraudulent finance company that allegedly cheated more than 200 depositors of nearly ₹30 crore.

The suspects, identified as 52-year-old Kannan and his 49-year-old brother Kamaladas, had been operating the finance firm in Tiruvallur for five years. The duo attracted investments by promising to double the money of those who deposited funds with their company.

To build public confidence in their operations, the brothers initially paid out double the invested amounts to their early depositors. This strategy successfully established trust, which they then leveraged to scale their operations.

According to the police, the brothers subsequently engaged a network of agents to mobilise larger deposits from a wider range of people. However, when the investment schemes matured, the company failed to repay the promised returns to the depositors.

Following the default, the affected investors approached the Tiruvallur district crime branch to lodge complaints against the operators.

During the subsequent police investigation, authorities discovered that the brothers' operations were not limited to Tiruvallur. Inquiries revealed that the duo had run similar finance establishments in Trichy, Madurai, Sivaganga, Karur, and Salem.

Following their arrest by the crime branch police, Kannan and Kamaladas were lodged in Puzhal prison.