Key Director Apprehended After International Manhunt
In a significant breakthrough for investigators, Vedhanarayanan, one of the directors of LNS International Financial Services, was arrested at Chennai International Airport. The arrest marks a pivotal moment in a sprawling financial fraud case that has shaken the investment community and involves a staggering sum believed to be over 850 crore rupees.
The Airport Detention Based on International Alerts
Immigration authorities at the airport successfully detained Vedhanarayanan after identifying him through an active Look Out Circular (LOC) and a Red Corner Notice (RCN) issued against him. Police confirmed that the accused was taken into custody upon his arrival from the United Kingdom. He was subsequently handed over to the Economic Offences Wing (EOW) for further interrogation and legal proceedings.
A Massive Fraud Unravels
The case against LNS International Financial Services was officially registered by the EOW in 2023. The firm and its directors came under scrutiny after a flood of complaints revealed they were operating fraudulent investment schemes. To lure in thousands of investors, the company had promised exceptionally high monthly returns of 6% to 10% on investments meant for the stock market.
Following the registration of the case, all four directors of the firm, identified as Lakshminarayanan, Mohanbabu, Vedhanarayanan, and Janardhanan—who are all brothers—fled the country. This prompted authorities to issue the LOCs and Red Corner Notices to facilitate their capture.
The scale of the alleged cheating is enormous. Investigators have reported that the case involves several thousand investors, and so far, a total of 5,322 formal complaints have been filed by victims. In a major investigative action in August 2023, the EOW conducted coordinated searches at 21 locations across Chennai, Tiruvallur, and Kancheepuram to gather evidence.
Legal Proceedings and Ongoing Investigation
After his arrest, Vedhanarayanan was produced before a local magistrate. The court has now remanded him to judicial custody. The EOW has stated that its investigation into the deep-rooted financial scam is actively continuing as they work to uncover the full extent of the fraud and bring all those involved to justice.
