Chennai, August 26: A shocking incident of fraud has come to light from Chennai where a man duped as many as 48 people to the tune of Rs 1.5 crore. The accused, a 43-year-old man, has been arrested by the Central Crime Branch of the Chennai city police for cheating people and exhorting the whopping amount from them by promising them of doubling their money in 100 days. The cops informed that as many as 48 people lodged a complaint with the Central Crime Branch alleging that they were cheated of Rs 1.5 crore.

According to a report by TOI, the accused, identified as S Thiaga Prakasam, hails from Kotturpuram. As per details by cops, the fraudster cheated more than 30,000 people to the tune Rs 100 crore in a similar way over the years. According to Inspector Murugesan, the officer who is investigating the case,  the complaints from others who lost money in the scheme are yet to come.  Gujarat Man Duped of Rs 93,000 by Scanning QR Codes While Trying to Sell Cupboard Online.

The accused is said to have started a company named Aangeltrading.com in 2019. He then urged people to invest in the company and promised of doubling their amount in 100 days. To get the business going, Prakasam also offered a commission to people who made at least 10 people to join the scheme. The cops arrested the accused on Wednesday and remanded in judicial custody.

Police informed that over 30,000 people invested in the company and there were many who invested in lakhs. The accused invested the money in share markets. But he did not get the returns as he anticipated.

(The above story first appeared on LatestLY on Aug 26, 2021 07:15 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).