Chennai, June 14, 2026
A woman police inspector attached to the Royapuram All Women Police Station in Chennai has been suspended for her alleged involvement in a gold coin investment scam estimated to have cheated more than 200 investors of nearly Rs 20 crore.
The Economic Offences Wing (EOW), which is investigating the case, has intensified efforts to trace and arrest the officer, Sheila Mary, while expanding its probe into the financial transactions linked to the alleged fraud.
The scam allegedly revolved around a scheme that promised investors gold coins at prices significantly below prevailing market rates. Participants were also assured attractive returns, prompting a large number of people, including police personnel, to invest substantial amounts.
Investigators said the scheme was allegedly run by Prabhu Mani, a relative of Sheila Mary. He has already been arrested by the EOW and remanded in judicial custody.
Preliminary investigations indicate that around Rs 20 crore was collected from investors through the scheme.
According to officials, the fraud came to light after investors complained that the promised gold coins were no longer being delivered. As concerns grew, the organisers allegedly became unreachable, prompting victims to approach law enforcement agencies.
Based on complaints received from investors, the Economic Offences Wing registered a case against both Prabhu Mani and Sheila Mary.
During the investigation, the Chennai Police intelligence wing was directed to conduct a separate inquiry into the allegations against the inspector.
Sources said the inquiry report found sufficient material warranting disciplinary action. Acting on the findings, Chennai Police Commissioner Amalraj ordered departmental proceedings against Sheila Mary.
Subsequently, North Chennai Joint Commissioner of Police Manoharan issued suspension orders against the inspector pending further investigation.
The case has attracted considerable attention within the police department as several serving and retired police personnel are believed to have invested in the scheme.
Sources indicated that senior officers, including inspectors and other officials, were among those who allegedly put money into the venture after being promised discounted gold coins and lucrative returns.
EOW officials said efforts are underway to arrest the suspended officer and determine the extent of her involvement in the operation.
Investigators are also examining financial records and properties suspected to have been acquired using funds collected from investors.
Authorities have initiated steps to identify and freeze assets linked to the alleged fraud as part of efforts to recover investor funds.
The investigation is continuing, and officials have not ruled out further arrests as they seek to unravel the full extent of the scam.(Agency)
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