The Coimbatore City Police have arrested a husband–wife duo from Namakkal for allegedly cheating several investors of nearly Rs2.5 crore by promising franchise opportunities for white-label ATMs, which are operated by non-banking entities approved by the Reserve Bank of India (RBI).
The accused have been identified as A. Duraisamy (43) and D. Ramya (41). According to police, the couple ran the fraudulent operation through their Coimbatore-based company, IZet E-Payments Pvt. Ltd.
They resided in Saravanampatti and managed their firm’s office on Avinashi Road in Coimbatore. Victims were lured with promises of high returns from ATM franchise installations. However, after collecting large sums, the couple failed to deliver on their commitments and went incommunicado.
The case is being investigated to trace additional victims and uncover potential associates or financial trails linked to the scam.
