Crypto biz: Man who failed to return profits kidnapped in Chennai

CHENNAI: A 38-year-old man, who allegedly collected Rs 15 lakh promising to invest in cryptocurrency business, was kidnapped by the person from whom he collected the money. He was rescued by the police within hours.

The victim identified as Chandra Sekar from Ashok Nagar runs a trading agency in cryptocurrencies and worked as an agent in the share trading firm.

Police said that Suresh Kumar who runs a jewellery shop in Saidapet gave Rs 15 lakh to Chandra Sekar two years ago. He had then promised to double the money by investing in crypto currency.

As Suresh Kumar didn’t get any profit from his deposit, he insisted Chandra Sekar to return his money. However, Chandra Sekar avoided his calls. On Tuesday, Chandra Sekar had left for Mamallapuram to attend a function along with his friends. Suresh, who learned about this, blocked the car near Thiruvanmiyur and he sped away after chasing Chandra Sekar and friends out of his car.

Following the incident, the police were informed, who with the help of GPS signals in the car traced the vehicle and found that the vehicle was in Tambaram. The car was caught during a vehicle check and the police team rescued Chandra Sekar. While one of the accused fled away, police nabbed Suresh Kumar and Prakash who drove the vehicle.

Police are conducting enquiry with the two.