CHENNAI: Following the string of 'Iridium scams', the Crime Branch-Criminal Investigation Department (CB-CID) of Tamil Nadu Police arrested a gang for misusing the name of the Reserve Bank of India (RBI)to lure unsuspecting public to invest in iridium.

The modus operandi of the scam is to lure investors by claiming that the metal has spiritual power and can bring in exponential wealth.

The police said they had received credible information that several gangs across the state were operating bogus trusts without proper registration. The gang had fabricated documents in the RBI's name and deceived the public into investing with the promise of crores of rupees from abroad in return.

Based on the tip-off, the CB-CID suo motu registered 13 cases and launched a coordinated investigation.

In the first case, the Salem CB-CID arrested 13 persons and remanded them. Pursuing further leads, the CB-CID conducted a massive, simultaneous search operation on Friday across 20 districts in the state and in four locations outside TN.

During the operation, 47 locations (43 in Tamil Nadu and four in other states) were raided by special teams comprising 10 Deputy Superintendents of Police (DSP), 35 Inspectors, and 12 Sub-Inspectors. The large-scale operation led to the arrest of 30 accused, including five key conspirators belonging to five major fraud gangs - SHS Swaminathan of Chennai, Jeyaraj of Katpadi, AC Ravichandran of Kudumiyanmalai, Gnanaprakasam of Manapparai, and Daisy Rani of Dindigul. All arrested individuals have been remanded in judicial custody.

Investigations are ongoing to nab other members of the syndicate and their financial networks.