Chennai, Mar 29 (IANS): The Tamil Nadu Police on Wednesday arrested N. Michael Raj, director of the now defunct Arudhra Gold Trading Company, at the Chennai airport upon his arrival from Dubai.

Immigration officials at the airport tipped off the police as there was a lookout notice against him.

The police had earlier arrested K. Harish and J. Malathy, who were also directors of the company.

Five more people are still at large in the multi-crore cheating case carried out by the company in the state.

According to investigating officers, the company had swindled an amount to the tune of Rs 2,438 crores and it promised high returns on investment and collected the sum from around one lakh depositors from September 2020 to May 2022.

Police sources told IANS that the swindled amount may be much more as several investors are yet to complain in fear that the revelation would lead to the source of the money they invested.

Many government officials, according to the sources, have invested their money in the company expecting huge returns.