Vellore: The Economic Offenses Division has brought the Vellore IFS Financial Institution under the ambit of investigation. Complaints are being filed against the brothers Lakshmi Narayanan, Janardhanan, Veda Narayanan and Mohanbabu who were running the company saying that they have embezzled more than several thousand crores of rupees.
Apart from Mohanbabu, the other three are siblings. Mohanbabu, their own stepfather’s son.
Meanwhile, the IFS brothers went into hiding with their families. The agents called ‘team’ leaders also switched off their cell phones and ran away.
In this situation, the Madras High Court intervened in the IFS fraud issue and ordered to ‘register a case against the IFS company’. Subsequently, Chennai Economic Offenses Police registered a case against IFS under 10 sections. Hand in hand, they raided all IFS-related places on August 5.
Starting from the head office in Vellore Katpadi and the homes of the Lakshmi Narayanan brothers and agents, the search continued at around 21 places like Arcot, Nemili, Arakkonam and Kanchipuram. The doors of the houses and offices of the IFS brothers were closed and only the locks were hanging.
There were parents and children in the agents’ homes. The Economic Offenses Unit sealed Lakshmi Narayanan’s house in Katpadi and confiscated 2 Innova cars parked there among the assets related to the case. Both these cars were used by bouncers. Similarly, the office branch run by Mohanbabu and his house door at Arakkonam Venkatesapuram in Ranipet district were broken open and raided. Subsequently, Mohan Babu’s office and house were sealed.
During the search conducted at the house of Lakshmi Narayanan, a direct assistant of Lakshmi Narayanan, who lives on Nemili Kamarajar Street near Arakkonam, Rs 7 lakh cash, 3 check books, 45 bond bonds, 5 pen drives, hard disk, laptop and other important documents were seized. They have also sealed the house of Mohanbabu’s friend Saravanakumar from Kanchipuram.
In this situation, Vinod Kumar, the agent and son of Veera Raghavan of Gadpadi Sevur village, who had invested more than Rs.50 lakhs in IFS, hanged himself last night. He collected money from many friends and relatives claiming to give interest of Rs.8 thousand for Rs.1 lakh and gave it to IFS. He is unable to respond to investors as he has not been paid from IFS for two months. In this context, the police department says that due to successive reports of IFS brothers absconding and Economic Offenses Squad raids, Vinod Kumar took his own life due to depression.
Before committing suicide, Vinod Kumar also wrote a handwritten letter. In the letter, he said, “I have bought money from many people and invested in the IFS company running in the name of Lakshmi Narayanan, Mohan Babu, Veda Narayanan, Janardhanan and Team Leader (Agent) Delhi Babu.
Now, since these people are not there, I request the investigating department to buy the money of my dependents. All the documents for the money I paid are in my online book. Let those who believe in Me receive My infinite money. Sorry to all..! The documents are in my bag. He mentioned that the police should find out and collect everyone’s money.
Vinodkumar took a selfie with the letter on his cell phone before committing suicide as proof that he wrote the letter. Thiruvalam (Kadpadi) police have seized all these and are investigating.