Chennai: Six individuals have been arrested for allegedly defrauding Rs 14 crore from investors through a fake online business promising unusually high profits. The scam began last April when a Chennai resident was contacted on WhatsApp by fraudsters claiming to represent Black Rock Asset Management Business School, supposedly approved by SEBI.
The scammers guaranteed a 500% profit within two months, creating fake investment applications and exchanges to convince the victim. They instructed the victim to download the BR IIFL PRO mobile app and invest, which he did, but soon discovered he’d been cheated.
The Fake Profit Promise: Chennai Police Uncover Rs 14 Crore Scam
The victim filed a complaint with the police, leading to the freezing of 13 bank accounts linked to the scam. Subramanian from Chengalpattu was arrested for receiving Rs 21 lakhs. Further investigation led to the arrest of Madan from Neelangarai, Chennai, Saravanapiryan from Thiruninnavur, Satish Singh from Avadi, Shabhagat from Puliantop, and Manikandan from Madurai.
Preliminary investigations reveal the involvement of individuals from northern states. The Tamil Nadu Cyber Crime Police have formed a special team to track down other suspects. The police urge citizens to remain vigilant and report similar scams on the National Cyber Crime Reporting Portal.
