Chennai police arrest CEO of forex trading business for cheating investors to tune of ₹65 crore

Police said the man and his associates had offered investors high returns and had collected crores, but had absconded in October last year

Published - February 21, 2024 11:00 am IST - CHENNAI

The Central Crime Branch of the Chennai Police has arrested a 32-year-old man for allegedly defrauding a number of people, offering them high returns through an online forex trading business.

The suspect has been identified as J.M. Vijay, who ran an advising and consultancy company, along with his associate Sundaramurthy. Vijay claimed that he was the CEO and director of the firm, which was engaged in an online forex trading business. He had invited people to invest money with his company, offering 4% returns on investments of ₹ 1 lakh per month, and had said that he would return the principal within a year. Over 100 people had invested in the company, for a total sum of ₹65.98 crore.

Police said one of the partners of the firm transferred the money into crypto currency funds, and was also involved in online forex trading. However, from October 14, last year, Vijay and his associates absconded, and failed to return the interest and principal amounts as promised, to the investors.

Based on a complaint from some of the investors who were cheated, the police arrested Vijay and remanded him to judicial custody.

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