In a shocking case of investment fraud, four individuals including R Menon (35), Manikandan (32), and H Pandi (38), were arrested by Mumbai’s cyber police for duping a 62-year-old businessman of Rs5.24 crore under the guise of a Dubai-based investment firm.
According to police, the elaborate scam spanned over nine months, during which the accused convinced the victim of high monthly returns and even sent him fake emails from SEBI.
What sets this scam apart is that the victim was flown to Dubai by the fraudsters to reassure him about the safety of his money. Upon reaching, he found that the company’s office didn’t exist.
Initially, the complainant invested Rs10 lakh in November 2024. The accused asked him to transfer the funds to a personal bank account, explaining it was a temporary measure. Encouraged by a withdrawal of Rs90,000 as supposed returns, he continued investing — reaching a total of Rs5.24 crore by February 2025.
By March, sensing his doubts, the scammers invited him to Dubai. One of the main accused, Menon, then claimed over the phone to be in the US. When the victim demanded a refund, the accused sent him fake cheques, I-T letters, and emails from a trading platform to maintain the illusion.
Cyber police eventually traced the fraud through digital evidence recovered from Menon’s phone. A team led by DCP Purushottam Karad, Senior Inspector Suvarna Shinde, and SI Vijay Ghorpade arrested the suspects in Chennai. Luxury watches and forged documents were seized.
Officials revealed the accused are connected to over ₹65 crore worth of frauds, targeting over 30 people across India including in Mumbai, Bengaluru, and Kerala.
