The trio assured clients that they were investing the money in real estate business and were making huge profits
The District Crime Branch police have arrested three persons including a government school teacher for allegedly duping investors to the tune of ₹2.63 crore in a real estate scam.
The accused, identified as Ramasamy, 49, Chemistry teacher of a government school, Sakthivel, 43 of Kancheepuram and Kousalya, 40 of Koliyanur, were arrested by a police team and remanded to custody.
According to police, the complainant, R. Prakash, 31, of Alankuppam near Marakkanam got to know the accused through mutual acquaintances. Ramasamy suggested to the victim to invest in real estate and that he could earn high returns. The accused introduced him to Sakthivel and Kousalya and claimed that they were the directors of a private firm. The trio persuaded the victim with a bait of ₹18,000 as returns per month for every one lakh.
The trio allegedly assured clients that they were investing the money in real estate business and were making a huge margin of profits which they would share with them. Believing it, the victim and his friends transferred ₹2.36 crore at different intervals and finally realised that they had been cheated.
The fraud came to light after Prakash lodged a complaint with the DCB police. The police arrested the trio and a hunt is on to arrest Kousalya’s son Kaviarasan who is at large. Further investigations are on.
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