CHENNAI: Two men, involved in an online investment scam running over Rs 90 lakh, have been arrested by the cyber crime police of the Central Crime Branch (CCB). They were allegedly converting the stolen funds into cryptocurrency (USDT) via P2P transactions on the mobile application Binance, and earning a commission of 25%. They were remanded in judicial custody.
The arrested were identified as TP Arun Kumar (33) of Salem and K Kannan (41) of East Tambaram. The duo were traced by following the money trail based on the complaint filed by Dr G Moorthy.
According to the police, Moorthy had transferred Rs 90.7 lakh to multiple mule accounts without verifying the authenticity of the website, as he was misled by a fake trading platform that promised high returns. Only after transferring the money did he realise the website was fake, the police said.
Greater Chennai Police (GCP) Commissioner A Arun has warned the public to stay alert against such fake schemes and urged them to report cybercrimes on 1930 or www.cybercrime.gov.in.