Tiruchi man arrested in money doubling racket

He reportedly duped 30,000 people

The Job Racket Wing of the Central Crime Branch(CCB) on Wednesday arrested a 43-year-old accused who cheated many gullible victims in the city after receiving money on the pretext of getting their money doubled.

The accused has been identified as S. Thiyagaprakasam, 43, a native of Tiruchi district, who had obtained law degree in Andhra Pradesh. Nadarajan of Kovil Pathagai, Avadi, had lodged a complaint against him in 2019. More than 45 persons had also complained that they were cheated by him after receiving money from them promising to double their investment in 100 days. In all, he had taken ₹1.5 crore.

The police said the accused had been running a firm called Angel Trading’ in Kotturpuram. He also engaged intermediaries to introduce new customers and paid them commission. After collecting the money from gullible public, he closed his shop and fled in 2019.

Inspector K. Murugesan investigated the case and arrested the accused from a hideout.

During the interrogation, he confessed to have cheated more 30,000 people in the money doubling scheme, the police said. He was remanded in judicial custody.

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