The Cyber Crime Wing of the Central Crime Branch has arrested three persons, including two women, in connection with a Rs 3.4 crore online investment fraud operated through a fake WhatsApp trading group. A mobile phone used in executing the scam has also been seized.
The arrested accused have been identified as Murugesh (49) of Melur, and Hepsi (35) and Panchavarnam (33), both residents of Thoothukudi. They were arrested on Wednesday and remanded in judicial custody on Thursday.
Police said the arrests follow the earlier detention of Balasubramanian (51) of Thanjavur, who was taken into custody last month and is believed to have played a key role in coordinating the fraudulent operation.
According to investigators, Balasubramanian managed the execution of the scam, while Murugesh allegedly permitted his bank account to be used for receiving money from victims. Hepsi and Panchavarnam are accused of assisting in procuring and routing multiple bank accounts through intermediaries in exchange for commission.
The case was registered based on a complaint filed by Sathyanathan (68), a resident of Adyar. He told police that he was added to a WhatsApp group titled ‘FYERS VIP’, where fraudsters posed as representatives of a Bengaluru-based brokerage firm.
The victim was instructed to download a trading application and was convinced to invest large sums with promises of high returns. Between July 7 and July 25, he transferred Rs 3.4 crore to 13 different bank accounts linked to the accused.
Police said further investigation is underway to trace additional money trails, identify other victims, and uncover the full extent of the network behind the online investment fraud.
