Iridium scam busted across TN; 6 arrested
Approximately 20 victims from Chennai, Thanjavur, Coimbatore, Salem, Namakkal, and Dharmapuri have been identified so far, collectively losing an estimated Rs. 4.5 crores.
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CHENNAI: The Organised Crime Unit (OCU) of the Tamil Nadu CB-CID has cracked down on a sophisticated interstate scam that duped the public of crores of rupees by promising astronomical returns from a fictitious ‘iridium copper’ trade scheme allegedly linked to the Central Government and Reserve Bank of India (RBI).
Initial investigations reveal the gang cheated victims across Tamil Nadu and Andhra Pradesh. Approximately 20 victims from Chennai, Thanjavur, Coimbatore, Salem, Namakkal, and Dharmapuri have been identified so far, collectively losing an estimated Rs. 4.5 crores. The investigation is actively working to identify more victims.
Last week the primary accused, Nithyanandham (Thanjavur) and Chandra (Thanjavur) were arrested and remanded. On Friday, four more suspects, Anbumani (Dharmapuri), Muthusamy (Salem), Kesavan (Salem) and Gadi Charla Kishore Kumar (Telangana) were arrested and remanded.
Police seized incriminating evidence, including a gold-coloured metal (likely used to feign iridium/copper), several forged documents, and mobile phones containing crucial data.
According to investigators, the scam operated across Tamil Nadu and neighbouring states like Andhra Pradesh and Telangana.
The accused groups allegedly lured victims with claims that thousands of crores had been sanctioned by the Central Government via the RBI for the sale of ‘iridium copper’.
They also demanded unauthorised deposits, convincing victims they needed to pay 'service fees' to the RBI and hefty 'commissions' to fictitious high-ranking RBI officials to release these non-existent funds.
The suspects promised exorbitant returns, assuring victims they would receive crores in return for their investments. The criminals used forged documents, including fabricated RBI bonds and credit certificates bearing the RBI emblem, to legitimise the scam.
They also employed impersonators, hiring individuals to pose as RBI officials who met victims in star hotels in Delhi or Mumbai to provide false assurances when returns were delayed. They created fake bank accounts, sharing credentials with victims to falsely indicate that their massive returns were imminent.
The scam came to light in February 2024 when a victim filed a complaint on the RBI's dedicated ‘Sachet’ portal for reporting unauthorised deposit schemes. Following this, AJ Kennedy, Assistant General Manager, RBI, filed a formal complaint with the Chennai Police Commissioner in Chennai a year ago, leading the case to be transferred to the CB-CID.
