Man arrested for swindling several crores in online trading
Coimbatore: A man was arrested for cheating several crore rupees in online trading. Police have arrested an accused who allegedly swindled over Rs 40 crore by conducting online trading in various districts, including Coimbatore.
According to the police, Jagadish (37), a resident of Palani in Dindigul district, was conducting online trading. He was born in Coimbatore. It was revealed that Sivakumar, who belongs to the SS Kulam and some friends were cheated of 2.5 crore rupees by Jagadish who gave them hope of making a large profit.
Based on the complaint lodged by Sivakumar, the Coimbatore Crime Branch police had set up a special team to search for Jagadish, who had been in hiding for a year.
Following this, Jagadish was arrested and jailed in Nagercoil yesterday. It has been revealed that he has cheated more than 50 people in areas including Chennai, Madurai and Coimbatore and swindled more than 40 crore rupees.
Jagadish was to pay upto ten thousand for investors who have paid 1 lakh for ten months. But he has paid 10 per cent interest for only two months and has been absconding since.
He has cheated more than 40 people in Coimbatore, 11 people in Madurai and Chennai and a case has been registered against him. According to police sources, more than 40 crore rupees have been swindled so far.
According to the police, Jagadish (37), a resident of Palani in Dindigul district, was conducting online trading. He was born in Coimbatore. It was revealed that Sivakumar, who belongs to the SS Kulam and some friends were cheated of 2.5 crore rupees by Jagadish who gave them hope of making a large profit.
Based on the complaint lodged by Sivakumar, the Coimbatore Crime Branch police had set up a special team to search for Jagadish, who had been in hiding for a year.
Following this, Jagadish was arrested and jailed in Nagercoil yesterday. It has been revealed that he has cheated more than 50 people in areas including Chennai, Madurai and Coimbatore and swindled more than 40 crore rupees.
Jagadish was to pay upto ten thousand for investors who have paid 1 lakh for ten months. But he has paid 10 per cent interest for only two months and has been absconding since.
He has cheated more than 40 people in Coimbatore, 11 people in Madurai and Chennai and a case has been registered against him. According to police sources, more than 40 crore rupees have been swindled so far.