Tamil Nadu Police conducted raids on October 23-24.

Tamil Nadu police’s Crime Branch, Criminal Investigation Department (CBCID) busted a major financial scam on Saturday, arresting 27 people.

All of them were involved in a multi-crore iridium scam, in which ordinary people were defrauded using the name of the Reserve Bank of India (RBI).

The accused claimed that millions of rupees could be earned from abroad by selling the rare metal ‘iridium’.

RBI approval claim in iridium scam

The fraudsters trapped people by claiming that the RBI had approved the sale of the metal. They created fake RBI documents and contacted victims using fake email accounts.

This made their scheme appear genuine. Multiple gangs set up unregistered trusts and collected crores of rupees from unsuspecting victims.

See Full Page