Five held for cheating 18,000 people- The New Indian Express

 Five held for cheating 18,000 people- The New Indian Express

By Express News Service

CHENNAI: A five-member gang has been arrested in connection with iridium scam. According to Neelankarai police, the gang has cheated 18,000 persons across the state with a promised return of Rs 1 crore each if they invested in iridium in Germany.

While the main accused Murugesh died last year, police arrested his son Sathishkumar, who took over the ‘business’ and his accomplices Balakrishnan, Saravanan, Mohankumar and Raja. The arrests were made based on a complaint from K Salapathy of Mogappair, who runs a construction firm at Arumbakkam and lost Rs 13.60 lakh.

Explaining their modus operandi, inspector Kamalakannan said that the gang would make victims invest Rs 10,000 through their firm, named, John Megnon, with a promised return of Rs 1 crore after six months. “The fraudsters meanwhile claimed that it is legal business done with the consent of Reserve Bank India through an…

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