CHENNAI: The banner of a wedding reception has helped a group of investors zero in on the alleged fraudster, whom they allege, cheated them of several crores of rupees through fake stock market investments.
The group confronted and assaulted the fraudster, Clinton (30), at the reception venue, a private hall on Pallavaram Radial Road on Tuesday night.
The police said Clinton had projected himself as a stock market expert and had even appeared on YouTube channels offering trading advice. Taking advantage of this reputation, he allegedly collected large sums of money from relatives, neighbours and acquaintances, promising high returns.
Among the complainants is Mohanapriya of Pallavaram, who said Clinton befriended her through trading lessons and persuaded her to hand over Rs 75 lakh. When no profit came, Clinton allegedly claimed the money was lost and pressured her for more.
She later sold her Audi car and gave him another Rs 12 lakh, which he again said he lost. He also borrowed Rs 40 lakh after pledging her family’s property documents, which he did not return. Though multiple complaints were lodged earlier at the Pallavaram police station, no case was registered, the victims alleged.
The word on his wedding spread after a banner was spotted in the area, prompting several cheated investors to gather at the reception venue and confront him. Clinton sustained facial injuries and was admitted to Chromepet Government Hospital.
Following the assault, Clinton filed a complaint at the Chitlapakkam police station, where a case was registered against three people. Meanwhile, the person who were cheated have submitted fresh complaints at the Tambaram police commissionerate seeking action against Clinton for allegedly swindling them out of several crores of rupees.
Cheating under the guise of stock market expert
The police said Clinton had projected himself as a stock market expert and had even appeared on YouTube channels offering trading advice. Taking advantage of this reputation, he allegedly collected large sums of money from relatives, neighbours and acquaintances, promising high returns.