Father-son duo who are directors of MLM firm Green Crest Investment arrested in Coimbatore for duping investors

COIMBATORE: A father-son duo, who are directors of multi-level marketing (MLM) firm Green Crest Investment, were arrested by the Economic Offices Wing (EOW) police in Coimbatore on Wednesday for cheating investors of Rs 60 crore.
The arrested have been identified as Manikandan and his son, Sanjay.
The police have formed a special team to nab five more people in connection with the case.
The firm was functioning at Krishnasamy Nagar near Ramanathapuram in the city.The firm promised its investors that they would be given 0.5% of interest daily (on working days) for their investment.
Investigations revealed that around 8,000 people had invested their money in the firm. The directors showed their photos with cricketer Sachin Tendulkar and many actors to advertise their company.
The company had given 0.5% interest to investors daily. It stopped to pay the amount in May. When the investors met the directors of the firm, they threatened them.
On Wednesday, more than 50 investors besieged the house of the directors to get their money back. They lodged a complaint with the EOW police who registered a case against the directors Manikandan and his Sanjay on Wednesday night.
The arrested men were remanded in judicial custody on Wednesday night.
EOW police official said the directors of the firm had bought a flat worth more than Rs 1 crore and a piece of bought at Coonoor in the Nilgiris district. The police plan to take them in custody for one week to collect further information.
The police said Manikandan and his family had spent most of the amount for their lavish life. The police were trying to trace his family members.