The city police on Sunday said they have unearthed a major fraud involving credit cards sourced from foreign countries.
They have arrested three persons, including a native of Chennai, in this connection. Investigators identified the main suspects as Ramanathan Sree Raman, 38, of House Number 37, Seashore Apartment, Thiruvalloor Nagar, Chennai, Salil Wahab of Abilash House, Channankara and Roy Thomas, Kenkeri Parambil house, Anadayil, Thekkumoodu.
The Circle Inspector-Museum, J. K. Dinil said the accused sourced the cards from certain persons in United Kingdom. The cards had a credit limit of up to Rs 10 lakhs. The cards were never used in U.K. Instead, the owners sold them to persons in India for Rs 50,000 for each card. Certain middlemen, who were yet to be identified, were involved in the deal. They had delivered the credit cards issued in U.K. to the persons accused of using the plastic money to make huge purchases in the city on Sunday.
Elaborating the method of operation of the racketeers, Mr. Dinil said the U.K-based owner of the credit card would state that he has not travelled to India when the credit card company presents him with its monthly bill. He would present his passport as evidence to the credit card company and claim that he has been cheated. Many of the international credit cards are insured against loss and fraud. Finally, the credit card company will take
the liability for the purchases made using its cards. The company’s liability will be subsequently paid by the concerned insurance company.
The fraud came to light when the accused attempted to buy lap top computers using such credit cards at an electronics showroom in Sashthamangalam. The police said they were looking for one Poojappura-based Anil, suspected to be the king pin of the racket. Mr. Dinil said some persons from North India were also involved in the fraud. The accused had used credit cards issued in foreign countries to buy jewellery, provisions and electronic items at several shops in the city.
