CHENNAI: The city police have arrested two more persons in connection with a Rs 1.43 crore online trading scam cyber fraud in which two persons, including a former private bank manager, were arrested a week ago.

Karthik (36) of Perungudi, a businessman, approached the police after he lost Rs 1.43 crore to cyber fraudsters, who lured him through social media in March this year. After adding Karthik to a WhatsApp group, the fraudsters in the group convinced him to download a trading application via a link, luring him with promises of high returns on his investments.

Trusting their claims, Karthik transferred a total of Rs 1.43 crore to various bank accounts on multiple dates as instructed. However, when he attempted to withdraw his funds, the accused gave various excuses and pressured him to invest more money, at which point he realised he had been cheated.

Based on his complaint, the Central Crime Branch (CCB) registered a case and after investigations, police first arrested Surya Srinivas (50), owner of Surya Export-Import Company from Nungambakkam.

Further investigations led to the arrest of Seshadri Eshwara Raj (43), a former branch manager of a Kotak Mahindra bank in Ekkaduthangal.

Continuing the investigations, the police arrested Dinesh (29) of Anakaputhur and Arun Pandiyan (33) of Vaniyambadi on Monday. Both of them were mule bank account holders, police said.