Investment scam busted; four held from Chennai

The Thiruvananthapuram City Cyber Crime Police have busted a major investment fraud racket involving cryptocurrency laundering.

The gang, which operated under the guise of a UK-based investment company, allegedly duped an expatriate hailing from Thirumala out of ₹31 lakh after promising to double his returns.

The money was first deposited into fake bank accounts created by the accused, and later converted into cryptocurrency and transferred abroad, the police stated.

The Cyber Crime Police team led by Assistant Commissioner Mr. Prakash K.S., apprehended four persons from Chennai a few days ago in connection with the racket. They have been identified as Balaji B.,45, of Arumbakkam, Chennai; Daniel Christopher, 34, of New Perungalathur, Chennai; Santosh Kumar, 28, of Virudhunagar; and Velmurugan, 43, of Ariyalur in Tamil Nadu.

Official sources said that the fraud was carried out by convincing the victim that he was investing in a legitimate UK-based firm that promised high returns. The funds were routed through fake bank accounts and laundered using cryptocurrency transactions to offshore destinations including Dubai, Singapore and Malaysia.

The case was registered at the City Cyber Crime police station on July 25. Forensic examination of bank transactions revealed that the operation was coordinated primarily from Chennai. Several electronic gadgets and documents were seized as evidence from the accused, who were found to have connections with international fraud networks.

The accused persons have been remanded to judicial custody after being produced at a local court. The police will intensify further investigations into the alleged racket, sources said.