A suspended Inspector of Police, Sheela Mary, formerly attached to the Chennai City Police, was arrested along with two others by the Economic Offences Wing (EOW)-CID on Tuesday for her alleged role in a gold coin investment fraud.
According to police sources, Prabhumani, a relative of Sheela Mary, who was then serving as Inspector of the Royapuram All Women Police Station, floated an investment scheme through a WhatsApp group in 2023. The scheme promised gold coins at prices lower than the market rate and assured monthly returns on deposits made by investors. Vinayaga Enterprises, a new company, was set up to operate the scheme.
Investigators alleged that Sheela Mary promoted the scheme among Chennai City Police personnel and persuaded several colleagues and members of police families living in police quarters in north Chennai to invest substantial amounts.
The police further alleged that Prabhumani, accompanied by Sheela Mary in her official vehicle, distributed gold coins at discounted prices during the initial phase of the scheme, boosting investors’ confidence and attracting more deposits. However, after collecting large sums of money, the organisers allegedly failed to supply the promised gold coins or pay the assured returns.
Based on a complaint lodged by a bank employee, who claimed to have been cheated, the EOW registered a case against Prabhumani, Sheela Mary, and others. The complainant alleged that the accused had collected more than ₹20 crore through the scheme. Sheela Mary’s name was included in the FIR.
Prabhumani was arrested on June 9 and remanded to judicial custody. On Tuesday, the EOW announced the arrest of the remaining absconding accused — Sheela Mary, Senthilkumar alias Senthil, and Kalpana — in connection with the case.
According to the EOW, the case was registered on May 25 under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) and the Tamil Nadu Protection of Interests of Depositors (TNPID) Act against Vinayaga Enterprises, based in M.R. Nagar, Kodungaiyur, and four others.
So far, investigators have identified 56 depositors who invested about ₹8.17 crore in the scheme. The police said the investigation is continuing to identify more victims.
Published - July 08, 2026 02:30 am IST