The Economic Offences Wing (EOW) of the Chennai police has booked a woman police inspector in connection with a Rs 20 crore gold coin investment scam that reportedly targeted numerous police personnel and their families. Investigators intensified their probe following the arrest of the scheme’s main promoter on Thursday. Authorities are actively exploring allegations that the inspector utilized her official position and departmental network to validate and promote the fraudulent venture within the local law enforcement community.
Digital Promotion and High Return Promises
According to investigators, the investment operation was originally launched in 2023 via a WhatsApp group by a corporate entity established specifically to manage the funds. The scheme was organized by Prabhumani, a relative of Inspector Sheela Mary who is stationed at the Royapuram All Women Police Station. The venture successfully lured investors by promising to deliver physical gold coins at rates significantly lower than market value, alongside guaranteeing fixed monthly monetary returns on investments.
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Dissemination Within Chennai Police Ranks
The EOW established that Inspector Sheela Mary actively pushed the investment scheme within the Chennai City Police force, encouraging her direct colleagues and subordinates to invest their savings. The promotional effort resulted in numerous police families living in North Chennai’s police quarters investing substantial sums into the venture. Senior officials, including a Deputy Commissioner and an Assistant Commissioner, were among those who poured significant funds into the scheme. To build public trust and draw in larger investments, Prabhumani reportedly distributed gold coins at discounted prices during the initial stages, frequently accompanied by Inspector Mary in her official police vehicle.
Large Scale Default Prompts Departmental Inquiry
The fraudulent nature of the operation came to light after the organizers, having amassed over Rs 20 crore, failed to deliver the promised gold coins or pay the assured monthly returns to depositors. A formal complaint lodged by a bank employee who claimed to have been cheated prompted the EOW to register a criminal case. Both Prabhumani and Inspector Mary have been named in the First Information Report (FIR) for collectively defrauding investors. While Prabhumani remains under interrogation following her arrest, Inspector Mary has been questioned extensively by the EOW. Separately, Chennai City Police Commissioner A Amalraj has ordered an internal departmental inquiry into the serious misconduct complaints against the inspector.
