A private insurance agent, Anbarasu (57), from Royapettah, was arrested on Tuesday for allegedly cheating a 56-year-old woman of Rs 48.5 lakh through false promises of high returns on share market investments. The incident came to light following a complaint filed by K Vidya from T Nagar.
According to the police, Anbarasu, along with his wife and son, persuaded Vidya to invest in the share market by offering free tips and promising lucrative returns. Over the course of two years, from 2022 to 2024, Vidya transferred the amount in multiple instalments, believing she was making wise investments based on Anbarasu’s advice.
However, after the payments were made, Anbarasu failed to deliver any returns on the investment and started avoiding Vidya’s calls. Realizing that she had been defrauded, Vidya filed a complaint with the police.
Based on the complaint, police arrested Anbarasu while launching a search for his wife and son, who were also involved in the scam. Investigations are ongoing to uncover the full extent of the fraud.
