Advocate, 3 others arrested for abducting businessman

Madurai: Madurai city police have arrested four people including an advocate in connection with the kidnap of a businessman running a fraudulent finance company, and his two associates. The businessman, Balaji and his friend Subramanian started an enterprise called Future Generation Capital Private Limited (FUGEN) in 2020 at Kalavasal and a jewellery shop called Arusha at Katcheri street in Virudhunagar in 2022. In FUGEN, Balaji and his friend promised the customers that if they invest a principal amount of 1 lakh for a term period of one year, they will get assured an interest of 7,000 per month and at the end of one year along with the principal amount. In Arusha jewellery, they had introduced a gold saving scheme where the customers can pay monthly instalments for a period of 12 months and upon maturity, they can redeem gold jewellery for the value equivalent to their scheme amount with 100% discount on wastage and making charges. Through both the ventures, Balaji and Subramanian received crores of money from 2,300 customers. Due to pressure from the customers to return their money, Subramanian ended his life a month ago. Balaji organised a meeting with the customers in a hotel at Mattuthavani on June 19, to pay compensation. After the meeting, while travelling on Dindigul Bypass Road with his relative Karthik and driver Sabarees, the three were waylaid and kidnapped by a group of four men.Based on a complaint filed by Balaji’ wife Naganandhini on June 21, police found that Balaji was kidnapped by advocate Manimaran, Azhaguraja, Muthuraman and Michael on the instigation of Venkatesh and Thiruchelvam, associates of FUGEN. The kidnappers had tortured Balaji and called his wife to pay ransom. When they found that a police complaint has been filed, they released Balaji and two others. Police have filed trafficking cases on Thiruchelvam, Manimaran, Azhaguraja and Muthuraman. They were remanded in judicial custody.