Rs.50 Crore online fraud, youths on run

June 10, 2010 04:15 PM

Rs.50 Crore online fraud was reported to the Perambalur police on Tuesday. Karthik, 35, Sivakumar, 35, and Vaaleeswaran, 31, made online advertisement calling for deposits in favour Future Forex India Private India. The fraudsters wooed depositors promising a lucrative 15 percent monthly interest and fixed deposit bonds for the amount deposited. The fraud came to light when 30 persons filed complaints with the Perambalur SP on Tuesday. Tempted by the offer, thousands of people throughout the country including Chhattisgarh, Maharashtra, Uttar Pradesh and Madhya Pradesh deposited amounts to the tune of about Rs 50 crore.

The three fraudsters ran a network of the business by setting up branches across a few districts in TN such as, Tiruchy, Perambalur and Karur apart from Chennai, in the name of KSV Real Estate. They had even rented out a house at Muthu Nagar in Perambalur. “Interest amount as cheques had also been issued to the depositors in order to gain their confidence''. The cheques were honoured for the first six months but later the cheques started to bounce as there was no money in the bank” said a depositor.

When Karthik was contacted over phone, he pacified the angry depositors assuring them that things would be set right. Later, the three fraudsters went out of touch, switched off their mobiles and could not be reached. Following this, about 30 investors from Chhattisgarh, Maharashtra and Madhya Pradesh who grew suspicious came down to Perambalur and lodged a written complaint with the Perambalur SP, Mr Kaliraj Maheshkumar.

After making a initial probe the SP ordered to register the case against the trio. “The crime branch is investigating the case,”. “The fraudsters who are now on the run will be arrested very soon. As the depositors belonged to different states the case will be transferred to a special police wing as depositors belong to various states” said a reliable source.