CHENNAI: The Central Crime Branch (CCB) has made a major breakthrough by arresting two people who are allegedly the masterminds behind a nationwide online trading scam that duped investors of more than Rs 100 crore.
The accused Srinath Reddy (49) and his associate Anitha (40) were arrested and remanded in judicial custody from a guest house in Mugalivakkam on Thursday. Police seized two computers, four mobile phones, 12 ATM cards, 33 SIM cards, 10 cheque books, six seals and a car from them. With this, the number of arrests in the case has risen to six.
The arrests were made after Karthik (36) a finance professional from Perungudi, filed a complaint after losing Rs 1.43 crore after joining a WhatsApp “investment group” promoted on social media. Lured by the promise of high returns, he transferred money to multiple accounts displayed on a fraudulent trading app. When he attempted to withdraw his funds, he realised he had been cheated.
CCB had earlier arrested Surya Srinivas (50) owner of a trading firm, and Seshadri Ethiraj (43) a former bank manager who allegedly helped move the money through several accounts. Two others — Dinesh (29) and Arunpandian (33) — were held for assisting in routing the funds. Police said Reddy had floated five shell companies in Chennai and opened over 30 bank accounts, which were supplied to international cybercrime networks.