Former bank manager among 2 held in Rs 1.43 cr online trading scam

CHENNAI: The Central Crime Branch (CCB) of the city police has arrested two individuals, including a former private bank manager, for duping a city-based businessman of Rs 1.43 crore in an online trading scam.

According to the complainant, Karthik (36), a resident of Perungudi, he came across an online investment trading advertisement on a social media platform in March and subsequently was added 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. The application deceptively showed his investment and profits growing, creating an illusion of legitimacy.

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 filed on September 16, 2025, the Cyber Crime Wing of the CCB registered a case and a special team supervised by Deputy Commissioner of Police (Cyber Crime) Shrinatha began a probe.

The investigation led the police to the first accused, Surya Srinivas (50), owner of Surya Export-Import Company from Nungambakkam. During the questioning, he revealed that the mastermind behind the scam was Seshadri Eshwara Raj (43), a former branch manager of a Kotak Mahindra bank in Ekkaduthangal.

Seshadri Eshwara Raj was arrested at his residence in West Saidapet on Thursday. He is alleged to have orchestrated the fraud and facilitated the transfer of the victim's money through various bank accounts. Three mobile phones were seized from the accused. Both arrested individuals have been produced before a court.rime Wing of the CCB registered a case and initiated a thorough investigation.

A special team was supervised by Deputy Commissioner of Police (Cyber Crime) Shrinatha and led by an Assistant Commissioner and an Inspector began a probe.

The investigation, which involved analysing bank account details, led the police to the first accused, Surya Srinivas (50), owner of Surya Export-Import Company from Nungambakkam. During his interrogation, it was revealed that the mastermind behind the scam was Seshadri Eshwara Raj (43), a former branch manager of a Kotak Mahindra bank in Ekkaduthangal.

Seshadri Eshwara Raj was arrested at his residence in West Saidapet on Thursday (Oct 23). He is alleged to have orchestrated the fraud and facilitated the transfer of the victim's money through various bank accounts. Three mobile phones used in the commission of the crime were seized from the accused. Both arrested individuals have been produced before a court.

The Chennai Police has issued a stern warning to the public regarding the recent surge in online investment scams and part-time job frauds. It cautioned citizens to be vigilant against fraudulent phone calls, investment ads promising high returns, fake trading apps, and websites promoted on social media platforms like Facebook, Instagram, and YouTube.

The public is advised:

· Not to share their bank account details for others to use.

· To avoid opening current accounts using fake documents.

· To refrain from transferring money to unknown bank accounts upon request from strangers.

Citizens who fall victim to such cyber crimes are urged to immediately contact the National Cyber Crime Helpline at 1930 or file a complaint online at https://www.cybercrime.gov.in.