A woman police inspector from Royapuram All Women Police Station in Chennai has been suspended due to her alleged involvement in a gold coin investment scam that defrauded over 200 investors of nearly Rs 20 crore. The Economic Offences Wing (EOW) is actively pursuing the investigation, focusing on locating and apprehending the officer, Sheila Mary, while expanding inquiries into the financial transactions related to the scam.
The fraudulent scheme enticed investors with the promise of gold coins at prices well below market rates, coupled with attractive returns, leading to significant investments from numerous individuals, including police personnel. Prabhu Mani, a relative of Sheila Mary, is believed to have orchestrated the scam and has already been arrested by the EOW, currently in judicial custody.
Initial estimates suggest that approximately Rs 20 crore was amassed from investors through this deceptive scheme. The fraud was exposed when investors reported non-receipt of the promised gold coins, with the organizers allegedly becoming untraceable, prompting victims to seek legal intervention. Following complaints, the Economic Offences Wing filed a case against both Prabhu Mani and Sheila Mary.
The Chennai Police intelligence wing conducted a separate inquiry into the allegations against the inspector, Sheila Mary, based on which disciplinary action was deemed necessary. Consequently, Sheila Mary has been suspended pending further investigation, as ordered by North Chennai Joint Commissioner of Police Manoharan. The case has garnered significant attention within the police department, with reports indicating that several serving and retired police personnel had invested in the fraudulent scheme.
Efforts are underway to arrest the suspended officer, Sheila Mary, and ascertain the extent of her involvement in the illicit operation. Authorities are also scrutinizing financial records and properties suspected to have been acquired using funds obtained from investors. Steps have been taken to identify and freeze assets associated with the scam to aid in the recovery of investor funds. The investigation remains ongoing, with the possibility of additional arrests as officials strive to uncover the full scope of the scam.
