Hosur conman held in investment scam

COIMBATORE: The Krishnagiri police on Tuesday arrested a conman, who duped the public of several crores by luring them to invest in his fraudulent financial firm. Police said the accused; Arun Kumar from Hosur floated AK Traders in 2021 and lured public to invest in his firm by promising attractive returns. He claimed to invest the money in crypto currency and pay back in double. Hundreds of people from across Tamil Nadu and also from neighbouring states like Kerala, Karnataka, Andhra Pradesh and Maharashtra invested their hard earned money in his firm. “More than 400 investors lodged complaints that they were duped of a total Rs 37 crore,” said police, who arreseted Arun Kumar as he came to a sub-registrar office for a property registration. Police also seized 12 sovereigns of gold jewels, Rs 16 lakh and car. Further inquiries are on.