Man held for cheating senior citizens in money doubling scam

A 72-year-old retired employee and resident of Subramaniam avenue in Tiruvanmiyur received a phone call on November 19 last year and the caller introduced himself as a representative of a registered share market trading company.

Since the septuagenarian used to trade in the share market through the firm, he believed the call to be genuine. The caller allegedly promised to double his investment in 24 hours and made him to deposit Rs 12,200 in a bank account. However, the caller remained not reachable since then and the senior citizen realised that he was cheated. He lodged a complaint at the Tiruvanmiyur police station.

Similarly, another 62-year-old man from Tiruvanmiyur recently lodged a complaint that he too lost Rs 39,900 in a similar fraud. Both the victims had mentioned that the caller identified himself as Mani.

The complaints were forwarded to the cyber cell of the Adyar police district and the team traced the accused and arrested him from his

house in Puzhal. He was identified as Manikandan (40).

Police said that Manikandan was a former employee of a trading firm and he made calls to senior citizens and wooed them to double their income within a day by investing in the share market. He was remanded in judicial custody.