Central Bureau of Investigation registers case against UTS involved in multi-crore scam.
The top investigative agency has registered the case against the Managing Director of Coimbatore-based Universal Trading Solutions Pvt Ltd. Gowtham Ramesh, the MD of the company is in the center of the scam. The scam is about alleged duping of depositors from across India worth around Rs 3k Cr via Ponzi schemes.
As per the FIR, the accused persons during the period from October 2018 to November 2018, with dishonest intention to cheat, published online advertisements about different companies. In the adverts they promised that if the company shares are bought then ten percent of the profit will go to the buyer.
Trusting the promise in the advert, according to the FIR, the complainant deposited Rs 5 lakhs into different bank accounts hailing from the accused people. Then after a long wait the complainant found no response from the other side.
The accused did not either return the deposited amount nor the profit of the share. This is how the complainants was intentionally cheated. Upon askance of returning the deposited amount the accused threatened to kill him.
After the Kerala High Court orders the CBI was handed over the case for further investigation.
Significantly, many such cases of fraudulent behavior and cheating are registered against Gowtham Ramesh in Kerala and Tamil Nadu.
