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Two arrested for multi-crore stock market investment fraud

SimpliCity News Team · 03 Aug 2024

Coimbatore: The Coimbatore Cyber Crime Police have arrested two individuals for orchestrating a massive stock market investment fraud, swindling crores of rupees from unsuspecting victims across multiple states.

The scam came to light when Arun Kumar, a resident of Sungam area in Coimbatore, filed a complaint with the city's Cyber Crime department. Arun Kumar reported that he had received online information about high-profit stock market investments. Believing this, he contacted the phone number provided.

The fraudsters sent videos about profitable investments via WhatsApp and promised high returns if money was sent to them for stock market investments. Trusting their claims, Arun Kumar transferred a total of Rs 34 lakhs in multiple installments.

When Arun Kumar inquired about the profits, the scammers initially claimed that the investment was maturing. Later, when he demanded the return of his investment and profits, they refused and ceased communication.

Based on the complaint, the Cyber Crime Police traced the culprits through phone numbers and online data. On July 1, they arrested Thanasekaran from Thudiyalur and Ravi Chandu from Andhra Pradesh.

The police have registered cases against the duo under various sections of the law related to fraud. During the arrest, the police seized hundreds of checkbooks from various banks, credit cards, and ATM cards from the accused.

Further investigation revealed that the scammers had defrauded 152 people from Tamil Nadu, Karnataka, Andhra Pradesh, Kerala, and other states, promising high returns on stock market investments. The total amount swindled is estimated to be in crores of rupees.

Following their arrest, the two accused were produced before the court and subsequently remanded to the Coimbatore Central Prison.

fraud arrest cyber crime stock market investment scam coimbatore police

Two arrested for multi-crore stock market investment fraud

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