Rs 2.26 cr online investment scam: 7th accused held from Coimbatore

CHENNAI: In the ongoing probe into the large-scale online trading and investment fraud case, the Central Crime Branch (CCB) Cyber Crime police have arrested one more individual, bringing the total number of arrests to seven. The accused was apprehended from Coimbatore, and a high-end car purchased with the illicit proceeds was also seized.

The case originated from a complaint filed by one Kishore, a resident of T Nagar, who reported that he was lured into an online stock trading group after seeing a message on WhatsApp. The fraudsters, promising exceptionally high returns, convinced him to invest in an Initial Public Offering (IPO) and trade stocks through a link they provided.

Believing their false promises, Kishore deposited a massive sum of Rs 2.26 crore through multiple transactions into various bank accounts provided by the scammers, ultimately losing the entire amount.

Following the complaint, a case was registered at the Cyber Crime Police Station. Acting on the order of Chennai Police Commissioner A Arun, Additional Commissioner A Radhika formed special teams to investigate the money trail.

The investigation revealed that the accused, operating from the Tirunelveli and Tenkasi districts, had conspired to open fake bank accounts to deceive and defraud innocent members of the public.

In connection with the case, six individuals were previously arrested on two separate dates in June and July. The latest arrest is that of A Purnesh (26), from Ondipudur Road, Tiruvalluvar Nagar, Coimbatore, who was apprehended on September 1 while attempting to evade arrest.

The police seized a mobile phone used to commit the crime and an MG Hector car, purchased using the fraudulently acquired money, from Purnesh’s possession. He was produced before the XI Metropolitan Magistrate, Saidapet, and remanded in judicial custody.

The police highlighted that perpetrators of such online investment and part-time job scams typically target victims through advertisements on social media platforms like Facebook, Instagram, and YouTube. They use fake trading app links, fraudulent investment websites, and false promises of extraordinary profits to open fake Demat accounts, exploiting people's aspirations for quick financial gains.

Chennai police have urged the public to exercise extreme caution and be wary of unsolicited phone calls, too-good-to-be-true investment ads, and fake investment apps/websites. Police also strongly warned against sharing bank account details with others, using documents to open current accounts for fraudulent purposes, or transferring money to unknown accounts based on requests from strangers.