Coimbatore police arrested a couple for cheating 11 people of 1.02 crore by promising high returns on investments. The fraud was carried out over two years, targeting local businessmen and their associates.
Coimbatore: The RS Puram police arrested a couple on Wednesday for orchestrating a sophisticated investment fraud scheme that duped 11 people out of 1.02 crore.
The accused, Vijayakumar (38) and his wife Priyadarshini (37) from Ananda Nagar, Veerakeralam, lured victims with promises of high returns on investments in their purported business.
The scam came to light when Tamilpandian (33), a puja store owner in the Flower Market area, filed a complaint with the RS Puram police. Tamilpandian had been approached by the couple, who were regular customers at his shop, in 2021. They claimed to own over 10 shops and boasted of substantial daily income, persuading him to invest in their business with promises of lucrative returns.
Initially, Tamilpandian invested 21.5 lakh, enticed by the offer of returns higher than bank interest rates. The couple maintained their credibility by making regular profit payments at first, gaining his trust. Encouraged by the apparent success, they prompted Tamilpandian to bring in more investors, promising similar profits.
Tamilpandian then introduced the investment opportunity to his friends, including Ranjith, Somasundaram, Suresh, Ponnazhagu, Kannan, Balasubramani, Maruthupandi, and Siva. The couple continued paying returns for a few months but eventually ceased all payments, leaving the investors in financial distress.
When the victims realized they had been defrauded and demanded the return of their 1.02 crore investment, the couple made empty promises of swift repayment but failed to follow through. This led Tamilpandian and the other victims to file a formal complaint with the RS Puram police.
Following an investigation, the police uncovered the extent of the fraud, revealing that Vijayakumar and Priyadarshini had indeed swindled 1.02 crore from Tamilpandian and 10 others. The couple was subsequently arrested, and investigations are ongoing to determine if there are more victims of their fraudulent scheme.
The case serves as a stark reminder of the risks associated with unregulated investment schemes and the importance of due diligence before committing funds to high-yield promises.