2 held for duping people promising big returns from stock market

CHENNAI: Police arrested a woman and her friend who cheated several people from the suburbs to the tune of Rs 5 crore by promising to make them earn Rs 10 lakh per day in the stock market. A search is on to nab her husband and others who are missing.

The victim, Sivasankari of Rail Nagar in Maraimalai Nagar, filed a complaint in the Tambaram Police Commissioner’s office in July.

In the complaint, she mentioned that their neighbour Karthikeyan and Kamatchi told them to invest in the stock market and promised they can earn up to Rs 10 lakh per day.

Initially, Sivasankari and her husband were not interested in the stock market but the couple convinced them and made them invest.

Police said in August 2021, Sivasankari paid Rs 16.5 lakh to the couple.

In September, Kamatchi gave a cheque of Rs 50,000 to Sivasankari and said it was their first month earning in the stock market.

After that, they did not receive any money and the couple said the payment is getting delayed due to income tax issues.

A few months ago, Sivasankari asked Kamatchi to return the entire money and the latter agreed and gave a cheque.

However, the cheque bounced due to insufficient balance. Later, when checked, the house was found locked and when contacted over the phone, Kamatchi said they were out of the station on a business trip and would come back in 15 days and return the money.

After that Kamatchi and her husband’s mobile phones were switched off and they did not return.

Based on the complaint, police formed a special team and traced Kamatchi with help of mobile phone signals.

On Wednesday, Kamatchi and her family friend Vigneshwaran were arrested in Tambaram.

During the inquiry, the police found they had cheated several people in Chennai, Chengalpattu and Kancheepuram districts to the tune of Rs 5 crore.

The police arrested both of them and a search is on to nab others suspects.