Ariyalur police have arrested a Chennai-based man, S. Sakthivel (36), for allegedly cheating a businessman out of Rs19.7 lakh under the pretext of doubling his money through an online forex trading scheme. The police also seized three mobile phones, nine SIM cards, and seven ATM cards from Sakthivel.
According to the police, a 43-year-old businessman from Ariyalur was first contacted by Sakthivel through social media earlier this year, offering a chance to invest in an online forex trading plan. Sakthivel then contacted the businessman over the phone, sharing links to his fake investment schemes through messaging platforms. Believing the offer, the businessman transferred Rs19.7 lakh in multiple installments.
When Sakthivel failed to deliver any returns or pay interest, the victim grew suspicious and filed a complaint with the cybercrime police in August. The police launched an investigation, eventually tracing Sakthivel to a hideout in Chennai. He was arrested on Saturday and brought back to Ariyalur.
Sakthivel’s bank account with a balance of Rs8.6 lakh has been frozen, and investigations have revealed that he had cheated several others across multiple states, including Karnataka, Gujarat, Uttar Pradesh, and Kerala.
Sakthivel has been remanded to judicial custody, and further investigation is ongoing.
