The Central Crime Branch (CCB) police have arrested two persons, including a former bank manager, in connection with an online trading scam in which a Chennai-based businessman was cheated of around ₹1.43 crore.
According to the police, Karthik, 36, a finance professional from Perungudi, came across an online investment advertisement on social media in March. After contacting the number mentioned, he was added to a WhatsApp group run by the accused persons.
They lured him into downloading a fake investment app, promising high returns for his investments. Believing their claims, Karthik transferred a total of ₹1,43,06,211 over multiple transactions to various bank accounts provided by the accused.
Initially, the app displayed fake profits and returns to gain his trust. However, when Karthik attempted to withdraw his money, the accused made excuses and demanded additional payments. Realising he had been cheated, he lodged a complaint with the Commissioner of Police.
Following the complaint, a case was registered by the Cyber Crime Wing of the CCB, and an investigation was launched. During the probe, police traced the money trail to Surya Srinivas, 50, owner of Surya Exports and Imports in Nungambakkam. He was arrested, and during questioning, he revealed that Seshadri Ethiraj, 43, former manager of Kotak Mahindra Bank’s Ekkattuthangal branch, was the mastermind behind the scam.
Both the accused were later produced before the court and remanded to judicial custody.
Published – October 25, 2025 02:31 pm IST
