A special team of city police has arrested five persons of a multi-level online marketing firm dealing in bit coins on the charge cheating several depositors by luring them on the promise of handsome commission on a daily basis for deposits with the firm.
While four of the accused, K. Karthik,38, V. Kuttimani, 35, N. Ganesan, 48, and B. Thangaraj, 26, were agents of the online firm, K. Ramesh was managing the firm. The team is on the look out for firm owner Rajadurai of Madurai, his wife Swetha, Simran Kaur, Manjit Kaur of Delhi and Mariaselvam.
City Crime Branch police launched investigation after registering a case based on a complaint lodged by an affected depositor R. Murugesan of Sangampatti village in Ponnamaravathy taluk in Pudukottai on December 10.
The depositer said he gave ₹36.40 lakh to Karthik in different instalments for depositing in the firm. Karthik, who was earlier running a pharmacy shop at Alavayal in Ponnamaravathy taluk, induced him to deposit the money in the firm and promised that he would get introduction commission besides pair matching commission on a daily basis.
The commission amount would keep rising commensurate with increase in the number of depositors.
Murugesan received ₹5.25 lakh as commission from the firm. However, the firm thereafter cheated Murugesan by not paying the remaining amount to him.
A police press release said the firm cheated several gullible depositors after luring them with the promise of handsome commission amount.
Acting on Murugesan’s complaint, the City Crime Branch registered a case under IPC Sections 406 (criminal breach of trust), 417 (cheating) 420 (cheating and dishonestly inducing delivery of property) and Section 66 of the Information Technology Act.
A special police team was constituted on the instruction of Commissioner of Police V. Varadharaju to apprehend the accused.
Based on secret information, the team arrested Karthik, Ramesh, Kuttimani, Ganesan and Thangaraj on Tuesday evening. While Ganesan, Kuttimani and Thangaraj were from Manachanallur taluk in Tiruchi district, Ramesh was from Namakkal district, police said.
The arrested persons were remanded to judicial custody.
Mr. Varadharaju appealed to public not to get carried away by fancy claims of higher profit made by fly-by-night operators.
The Commissioner appreciated the special team for apprehending the accused.
