The Economic Offences Wing-Crime Investigation Department (EOW-CID) has arrested suspended Chennai City Police Inspector Sheela Mary, Senthilkumar alias Senthil, and Kalpana in connection with an alleged investment fraud involving a gold coin scheme. Investigators allege that the accused collected crores of rupees by promising gold coins at discounted prices along with assured monthly returns. According to the complainant, the scheme mobilised more than ₹20 crore from investors.
Police said the investment scheme was launched in 2023 by Prabhumani, a relative of Sheela Mary, who had already been arrested in the case. The scheme was promoted through a WhatsApp group, promising gold coins at prices below the prevailing market rate and fixed monthly returns on investments. A company named Vinayaga Enterprises was allegedly established to operate the scheme.
According to investigators, Sheela Mary, who was then serving as Inspector of the Royapuram All Women Police Station, actively promoted the scheme among Chennai City Police personnel. She allegedly persuaded fellow officers and members of police families residing in police quarters in north Chennai to invest substantial amounts in the scheme.
The investigation further alleges that during the initial phase, Prabhumani, accompanied by Sheela Mary in her official government vehicle, distributed gold coins at discounted prices to investors. This reportedly boosted confidence in the scheme and encouraged more people to invest. However, after collecting large sums of money, the organisers allegedly failed to deliver the promised gold coins or pay the assured monthly returns.
The case was registered following a complaint by a bank employee, who alleged that he had been cheated through the investment scheme. The complaint claimed that the accused had collected more than ₹20 crore from investors. Based on the complaint, an FIR was registered against Sheela Mary and the other accused.
The principal accused, Prabhumani, was arrested on June 9 and remanded to judicial custody. The EOW later arrested the remaining absconding accused—Sheela Mary, Senthilkumar alias Senthil and Kalpana—in connection with the case.
According to the EOW, the case was registered on May 25 under the relevant provisions of the Bharatiya Nyaya Sanhita (BNS) and the Tamil Nadu Protection of Interests of Depositors (TNPID) Act against Vinayaga Enterprises, based in M.R. Nagar, Kodungaiyur, and four other accused.
So far, investigators have identified 56 depositors who collectively invested around ₹8.17 crore in the scheme. However, the complainant has alleged that the total amount mobilised exceeded ₹20 crore. The EOW said efforts are underway to identify additional victims, and the investigation is continuing.
Investigators have advised the public to exercise caution before investing in schemes that promise unusually high or guaranteed returns. They emphasised the importance of verifying a company’s legal status, regulatory compliance and business model before making investment decisions. The EOW stated that further legal action will be taken as additional evidence emerges during the ongoing investigation.
