CHENNAI: Shanmugam (57) of Tirumullaivoyal, a suspect in a Rs-1.73-crore investment fraud case, was arrested by the city police on Friday.

Along with other suspects, he had cheated over 35 persons by floating a fraudulent scheme. He conned the victims into investing in Grow4Sure Business and Marketing Management claiming their money would be doubled within 10 months.

Police registered a case based on a complaint from Venkatesan (45) of Villivakkam, who had invested Rs 10 lakh between 2022 and 2023.

After a probe, the company’s director, Munawar Hussain, was arrested in July 2025. Recently, a special police team tracked down and arrested Shanmugam at Tirumullaivayil. He was produced before a magistrate and remanded to judicial custody.