CHENNAI: The city police have arrested a man for allegedly cheating his friend of over Rs 88 lakh by promising exponential returns in an online investment scam.

The complainant, J Robert Kim, is employed as a manager in a private bank, police said. According to his complaint, his friend V Rajasekar (28) approached him in 2023 and pestered him to invest in a finance firm run by his friend, Dhinakaran. Police investigations revealed that Robert had initially transferred Rs 4 lakh in February 2023, for which Rajasekar returned with Rs 1 lakh profit for his investment.

Police said that this was a trick used by scammers to make their scam more believable. He then coaxed Robert into investing more, and Robert transferred Rs 88 lakh in instalments to the bank accounts of Rajasekar and another woman, Pavithra.

Police enquiries revealed that there was no person named Dhinakaran or a finance company existed. All along, Rajasekar had taken his friend for a ride. Rajasekar was produced before a magistrate and remanded in judicial custody.