The officers of Directorate of Enforcement (ED) conducted searches across Chennai at premises linked to Aarudhra Gold Trading Private Limited which defaulted over ₹2,400 crore to the depositors, said sources.
Bteween September 2020 and May 2022, Aarudhra Gold Trading Private Limited functioning from Aminjikarai in Chennai collected deposits to the tune of ₹2,400 crore from over one lakh investors by offering to give monthly interest of 25% to 30%. They failed to credit the returns as promised and did not repay the principal too.
These firms had also appointed agents and conducted meetings with depositors at luxury hotels to lure them to invest with them. The directors of firms had made false promises.
Following complaints from depositors, the Economic Offences Wing registered a case under the provisions of IPC for cheating, criminal breach of trust and other offences under provisions of Banning Unregulated Deposit Schemes Act, Reserve Bank of India Act and The Tamil Nadu Protection of Interests of Depositors Act, 1997. As many as 21 persons including directors and agents were cited as accused by the police. The special wing had arrested 10 persons including two directors Baskar and Mohan Babu.
Following this, the ED also took up its probe after invoking the Prevention of Money Laundering Act (PMLA) to trace the laundering of over ₹2,438 crore through a web of shell companies and overseas assets.
On Wednesday, the central agency conducted searches multiple locations in Chennai, including several private apartments located at Mogappair, Madipakkam.
Published – November 26, 2025 05:38 pm IST
