TN man loses Rs 14 crore to online trading scam; Tamil film associate producer among 6 held

CHENNAI: In yet another online trading scam wherein victims are misled into investing in bogus share trading opportunities with the promise of high returns, a city resident lost Rs 14 crore, which was retrieved by the Tamil Nadu Police's cybercrime wing.

Six people, including an associate producer in Tamil film industry, were arrested.

According to the police, the victim was contacted via WhatsApp by a member of the gang in April 2024. "The fraudster introduced himself as representing an institution called Black Rock Asset Management Business School and falsely claimed that investing in Black Rock would yield a 500 per cent profit within two months, while also stating that the company was SEBI approved," an official release stated.

The fraudster convinced the man to invest with a stipulation that he must pay a 20 per cent service charge on the profits generated from the investment after which the victim was made to download a mobile application named Black Rock Co-branded IIFL Cooperative Platform (BR IIFL PRO) through the link and subsequently invested Rs 14 crore into various bank accounts.

When the complainant realised that the invested money was not being returned with profit as promised, he filed a complaint with the National Cyber Crime Reporting Portal. The State Cyber Crime Investigation Centre registered a case and retrieved the fraudulently obtained money from 13 bank accounts.

The SCCIC team then arrested V Subramanian from Chengalpattu, who is the first layer beneficiary bank account holder of the fraudulent transaction of Rs 21.5 crore.

Based on Subramanian’s confession, other cyber fraudsters identified as M Madan (43) from Neelankarai who owns a chit company in T Nagar, R Saravanapriyan (34) from Tiruvallur who is an associate producer in film industry, Sathish Singh (46) from Avadi who is an associate of Saravanapriyan, Shafahed (38) from Pulianthope who owns a shop that converts currency to US dollars in Dubai and Chennai, and Manikandan (30) from Madurai, who also previously worked in a film producer’s office in Chennai, were arrested.

During the investigation, it was found that Vignesh from Madurai was the one who induced others to rent bank accounts for commission. The mobile phones used in the commission of these crimes have been confiscated and sent for examination.

Police have frozen two cryptocurrency wallets, and action is being taken to arrest the north Indian gang that masterminded these cybercrimes and recover the defrauded money, the statement said.

Advisory to public:

* Do not trust enticing information like this – the public is advised to identify such scams and contact the Cyber Crime Wing or the nearest police station

* If they guarantee exorbitant profits, the chances of fraud are high – people are advised to remain vigilant

* Do not share personal or financial information over the phone with unknown individuals

* Fraudsters create a sense of urgency, leaving little time for thought. Consult reliable friends or family before taking action

* Stay informed about cyber frauds and their deceptive techniques. Being vigilant is crucial to preventing crime

* Regularly check your bank and loan accounts for unauthorised transactions

* Use two-factor authentication for important accounts

* Furthermore, the public is advised against lending their bank accounts or Cyptocurrency wallet, as such accounts can be misused for financial fraud by cyber fraudsters. If someone is found involved in such activities, appropriate action will be taken against them

Reporting:

If you have fallen victim to such scams, please dial 1930 for the toll-free assistance provided by Cyber Crime wing or register your complaint at www.cybercrime.gov.in.