1,554 New Complaints Against Coimbatore’s Universal Trading Solutions in Multi-Crore Ponzi Scam Submitted to EOW

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The Economic Offences Wing (EOW) of the police has received complaints from 1,554 more investors against Coimbatore-based Universal Trading Solutions Pvt Ltd (UTS), which duped investors of hundreds of crore through Ponzi schemes.

The complaints against UTS were received in a petition camp organised by the EOW on Tuesday, as part of its ongoing investigation in the scam. The 1,554 petitioners accused the Coimbatore-based firm of having defrauded them of ₹125.94 crore.

Special team constituted to probe 2019 case of defrauding of depositors to the tune of ₹1,000 crore, Madras High Court told
According to the EOW, the petitioners came from Thiruvarur, Pudukottai, Tiruchi, Cuddalore, Ariyalur, Perambalur, Chennai, Tirunelveli, Madurai, Karur, the Nilgiris, Salem, Dharmapuri and Thanjavur in Tamil Nadu and from Pondicherry, Kerala and Karnataka.

EOW registered a case against UTS on June 22, 2019. It had received a total of 598 complaints, alleging cheating to the tune of of ₹22.78 crore, till August 2023.

The firm is alleged to have cheated a total of 76,597 investors. The EOW arranged the petition mela on Tuesday, under the supervision of EOW Superintendent of Police Josh Thangaiah, in a move to get complaints from all the defrauded investors.

The agency has already arrested the managing director of the firm, Ramesh aka Gowtham Ramesh; directors Kanagaraj and J.S. Jaskar; general manager Sunil Kumar; Ramesh’s parents V. Govindasamy and G. Lakshmi; and Justin Prabhakaran of Karur.


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