Tamil Nadu

Woman duped into investing ₹17 lakh in cryptocurrency

Complainant was approached on social media, shown promotional videos of celebrities

The Chennai police have filed a criminal case against the directors of a company on a complaint from a woman that she was lured to invest in cryptocurrency.

Indirani alias Lakshanika, a pharmacist and a resident of West Mambalam, said she was approached on the social media by P. Madesh, an agent of Wow Digital Solutions located in Anna Nagar, to invest in cryptocurreny called ‘Wow coins’.

On his advice, she met the company’s directors, Padmaj Bommishetty Srinivasulu, Aarathy Anavaram Bommishetty and Clint Joseph Rodrigues and their associates in Anna Nagar.

Wow coins

They promised her that Wow coins would grow 10 times in the first year and 1,000 times in the third year and convinced her to make an investment. They also told her that Wow coin would beat bitcoin and would be the future currency.

“They made me believe by showing the company’s pamphlets, promotional videos of celebrities and cash withdrawal receipts, photos of selling Wow coins. They also showed me a list of 3,000 existing investors, which made me fully believe their promise,” said Ms. Indirani in her complaint. She invested a sum of ₹ 17 lakh on different dates in 2016. The company directors told her she could withdraw her principal amount any time.

The company issued ATM cards for withdrawal of the amount in the future, but no ATM centre was opened.

The complainant said the office remained closed since January and e-trade accounts opened by them were all bogus. When she demanded repayment of the investment Akila Mary, company manager, threatened her.

A senior police official said, “A case has been registered by Anna Nagar police against the managing directors and the directors of company for offence under sections 420 (Cheating) of IPC. The suspects are not available in the said premises. The case is under investigation.”

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Printable version | Feb 21, 2020 3:00:29 AM | https://www.thehindu.com/news/national/tamil-nadu/woman-duped-into-investing-17-lakh-in-cryptocurrency/article23741804.ece

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