The Entrustment Document Fraud (EDF) Wing-I of the Central Crime Branch has arrested three persons for allegedly cheating a man of ₹1.43 crore promising him of investment in iridium.
In his complaint, Chinnasamy, a retired government employee, said his relative Kamalakannan, 51, from Gobichettipalayam and his friends approached him and claimed that an iridium metal was available in an undisclosed location at Kodaikanal and several businessmen were competing to buy it. They told him that it possessed astounding capabilities which included drawing grains of rice towards it and was highly valuable. They said they could earn up to ₹250 crore.
Believing them, Mr. Chinnasamy paid them ₹1.43 crore in instalments. When he did not get any returns on the investment, he lodged a police complaint alleging that they had cheated him by showing forged documents and through fraudulent acts.
Based on his complaint, the police arrested Kamalakannan, 51, his associates T. Prabhakaran, 42, of Gobichettipalayam and D. Sudhakar, 46, of New Perungalathur. They were remanded in judicial custody.
