Iridium scam: CB-CID arrests key accused returning from Bahrain
The CB-CID has arrested a key suspect in a large-scale investment scam involving fraudulent claims about 'iridium' copper sales. The gang allegedly used forged documents from government institutions to deceive at least 50 victims.
Why it matters
The case exposes the sophistication of financial fraud schemes that exploit public trust in government institutions and regulatory bodies.
The Crime Branch-Criminal Investigation Department (CB-CID) has arrested a Chennai-based key accused who allegedly prepared forged documents to facilitate a large-scale “iridium” investment scam, in which fraudsters cheated victims by promising to release a huge sum purportedly received from the Centre through the Reserve Bank of India (RBI).
The accused, Suresh Kumar, son of Ganeshraja, was intercepted at the Chennai International Airport on July 31 after arriving from Bahrain. He was arrested and remanded in judicial custody on August 1. A mobile phone seized from him was sent for forensic analysis.
According to the CB-CID, the fraudsters allegedly approached victims claiming that several thousand crore rupees had been received from the Central Government through the RBI as proceeds from the sale of iridium copper. They allegedly induced victims to pay money as service charges and commissions to RBI officials to facilitate the release of the funds.
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