COIMBATORE: The economic offences wing (EOW) police in Coimbatore registered a case against the directors of a private textile firm on charges of running a multi-lakh rupees investment scam, promising huge returns to investors.According to police sources, the complainant, K Parthiban, 61, of Vellalur in Coimbatore, approached the EOW after losing his savings, which included his retirement funds and the hard-earned money of his three employed children.The suspects were identified as P Vinu Valsan and his wife, Rithu Valson of Thrissur in Kerala, directors of RV Fabtex Private Limited, operating from the Bharathiyar Road in Pappanaickenpalayam in Coimbatore.EOW police officers said that the couple had approached Parthiban and stated that an investment of Rs 1 lakh would yield an 18% monthly interest (amounting to Rs 18,000 per month), disbursed in weekly payouts of Rs 4,500. The directors promised that these returns would continue for six months, after which the entire principal amount would be returned intact.Parthiban initially invested Rs 1,00,000 in July 2023, executing an official investment agreement signed by Vinu Valsan. The company initially gave regular payouts totalling Rs 97,910. Gaining confidence from these initial payouts, Parthiban invested an additional Rs 2 lakh in Oct 2023. While he received partial interest payouts of around 50,000, the payments stopped after mid-December 2023.The fraud came to light when Parthiban and his family visited the firm’s Pappanaickenpalayam office, only to find the premises locked. They found several other investors gathered outside who had similarly been defrauded of their savings. The directors had shuttered the business and vanished.Police registered a case and began investigations. Authorities urged other affected investors to come forward and file their complaints.
