CHENNAI: A mule account holder hailing from Coimbatore was arrested on Tuesday after a 43-year-old man in Chennai lost Rs 1.73 crore in an online cryptocurrency investment scam that promised triple returns.
Police said the victim, Yoganand from Porur, was contacted by the scamsters through Facebook and told to invest through an application called “Chin Chain”. He transferred the money in multiple installments to 13 different bank accounts.
During investigation, the cyber crime wing of the Avadi Commissionerate found that Anbalagan (35) of Goundampalayam in Coimbatore had floated a fake company and opened bank accounts in multiple branches under the firm’s name and supplied them to fraudsters involved in online trading scams. The probe also found that Rs 13.86 lakh from the complainant’s funds had been routed to one of the accused’s accounts.
Anbalagan was arrested on Tuesday by a police team led by the cyber crime inspector and later remanded in judicial custody. Police have cautioned the public against trusting online advertisements that promise unusually high investment returns.