CHENNAI: The city police's North Zone cyber crime unit has arrested a man for cheating a city resident of Rs 22 lakh, promising exponential returns in trading.
The complainant, Dillibabu (35) of Sembium, stated in his complaint that he got acquainted with the accused earlier this year through a chatting app and over time, the accused brainwashed the complainant, claiming that he would be able to get exponential returns for his investment.
The accused had registered Dillibabu in sports betting and trading websites like Spreadex and collected money from Dillibabu. Dillibabu transferred Rs 18.52 lakh from his bank account and Rs 4.2 lakh from his mother's bank account to the accused.
However, Dillibabu got neither the returns which was promised nor the amount he invested, after which he filed a police complaint.
The North Zone cyber crime unit, which took up investigations, traced Dillibabu's acquaintance to Uthandi along the East Coast Road and arrested him. The arrested person was identified as O Muthumanickam (55). He was produced before a magistrate and remanded in judicial custody.