Junior Vikatan, Vikatan dot com has been regularly reporting on the fraud of LNS, IFS, a financial institution headquartered in Vellore. On the orders of the Madras High Court, the Economic Offenses Division registered a case against the concerned financial institution. After that a search was conducted at the respective places of the financial institution. The company is accused of defrauding over Rs 8,000 crore from one lakh people.
S.P. Jayachandran of the Economic Crimes Unit interviewed a few days ago said that an investigation is underway regarding the financial institution fraud and a lookout notice has been given to the managing directors involved. A few days ago, the police arrested an agent from Kanchipuram, Saravanakumar, in connection with money laundering. Subsequently, the police investigated Agent Jaganathan from Vellore and Agent Guppuraj from Arakkonam who were involved in this case. Both of them have been arrested by the police. When they were interrogated, shocking information was revealed.