A 43-year-old man, Madankumar of Vaiyapuri Nagar, Karur, was cheated of ₹6 crore by a gang from Ramanathapuram on the promise that investing in sale of iridium which was to be imported from UK would bring him immense profit.
District Crime Branch has registered a case of cheating, breach of trust and among others against five persons, Veerabahu, Muniasami, Sugumaran, Ganapathi and Baskaran.
Ramanathapuram Superintendent of Police, V. Varun Kumar said that Madankumar was introduced to Veerabahu and Muniasami, both belong to Ramanathapuram, in 2014 through a friend.
The duo had allegedly lured the complainant to invest in a business which would reap huge profits in a short period. Believing it, Madankumar had given them a sum of ₹6 crore through bank transactions, police said.
The accused had claimed that they would import iridium from the UK and sell it in the domestic markets. Within about 40 days, they had promised to give a hefty share as returns on the investment made by the complainant.
However, after receiving the money in full, as there was no response from the accused. “Neither, did I get back my money nor did they give me any profit,” he told police in a statement recorded during the investigation.
The SP said that the police have arrested Sugumaran in this connection and they would check with the Bureau of Immigration as police investigations indicated that some of the suspects may have left the country.
