Mohaideen, running Paramount Marketing Corporation, claimed he was selling books on "Tirukural" (treatise witten by ancient tamil Poet tiruvalluvar) and sought investment from the public for a scheme to buy the books, which are in good demand, saying such a move would fetch them handsome returns.
He had promised investors that a deposit of Rs 1000 would earn them Rs 100 each month from the profits for three years, after which the Rs 1000 would be returned.
A complainant, Deivendran said he had joined the scheme by depositing Rs three lakh, but had not received the assured monthly amount for the past eight months. Besides depositing his own money, he had collected Rs 15 lakh from 60 others and deposited it with Mohaideen, he said.
Initial investigation revealed that Mohaideen had collected deposits from 1.20 lakh persons, running into several crores of rupees and that he had not paid any share from the profits, as assured by him.
Officials said details of his properties were being collected and they would be seized after getting a court order Steps would also be taken to distribute money to depositors.
Assistant Commissioner Arul Anandhan said Mohaideen had collected money from other districts of Tamil Nadu and also Pudhucherry.
Mohaideen claimed he has not cheated depositors and that those who deposited Rs one lakh with him had earned upto Rs 10-lakh.
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