ERODE/VELLORE: The Economic Offences Wing (EOW) Police here have launched a probe into the complaints made by depositors of a Chennai based firm.According to EOW inspector P Jagadeesan, Tycoon Empire International Limited at Kottivakkam, Chennai collected deposits from across India, stating that it was involved in forex trade and construction of shopping malls. In 2009, it promised to give `10,000 for 36 months on deposits worth `1 lakh. As it did not keep its promise, depositors complained to the ADGP (EOW) in Chennai recently. An inquiry revealed that over 2,000 people in Erode made deposits with the firm. They alleged that the firm had mobilised over `30 crore from 1.45 lakh members.The wing then verified the investment particulars provided by the depositors. The Kerala Police have already arrested two of the 14 partners of the firm, he said. Case Filed Against Vellore FirmAnother case where depositors were allegedly cheated is under investigation by the Vellore branch of the EOW. Kingstar Mercantile India Limited of Otteri in Vellore has collected over `12 crore as deposits from 4,095 people since 2009, said Rajendran, EOW DSP in Vellore district in a press release. Run by Srinivasan of Mettuidayampatti and his namesake hailing from Erode, the firm ran into trouble after Vathsala, a depositor from Erode, lodged a complaint saying that she neither received the principal amount nor the promised interest. Subsequently, a case was filed. As original documents would alone be accepted by the courts, the EOW has now appealed to the depositors to submit them.
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