Two, together with ex-bank supervisor, held for 1.43-crore on-line buying and selling fraud

The Central Crime Branch (CCB) police have arrested two individuals, together with a former financial institution supervisor, in reference to an internet buying and selling rip-off during which a Chennai-based businessman was cheated of round ₹1.43 crore.

According to the police, Karthik, 36, a finance skilled from Perungudi, got here throughout an internet funding commercial on social media in March. After contacting the quantity talked about, he was added to a WhatsApp group run by the accused individuals.

They lured him into downloading a faux funding app, promising excessive returns for his investments. Believing their claims, Karthik transferred a complete of ₹1,43,06,211 over a number of transactions to numerous financial institution accounts supplied by the accused.

Initially, the app displayed faux income and returns to realize his belief. However, when Karthik tried to withdraw his cash, the accused made excuses and demanded extra funds. Realising he had been cheated, he lodged a criticism with the Commissioner of Police.

Following the criticism, a case was registered by the Cyber Crime Wing of the CCB, and an investigation was launched. During the probe, police traced the cash path to Surya Srinivas, 50, proprietor of Surya Exports and Imports in Nungambakkam. He was arrested, and through questioning, he revealed that Seshadri Ethiraj, 43, former supervisor of Kotak Mahindra Bank’s Ekkattuthangal department, was the mastermind behind the rip-off.

Both the accused have been later produced earlier than the court docket and remanded to judicial custody.