Acting on credible information that several fraud gangs in Tamil Nadu were deceiving the public by misusing the name of Reserve Bank of India (RBI) and claiming that crores of rupees could be received from abroad through the sale of Iridium, the Crime Branch–Criminal Investigation Department (CB-CID), Tamil Nadu, initiated suo motu investigations and arrested 57 persons across the State who were involved in the scam in two months.
The CB-CID Chief and Inspector General of Police, T.S.Anbu, said the accused had fabricated documents in the name of the RBI and operated unregistered trusts to cheat innocent people of large sums of money. In the first phase of the operation conducted on September 12, the CB-CID arrested 30 accused involved in 13 cases across the State. Following this, more than 20 additional cases were registered in various districts, and information and documents were collected from victims, further strengthening the investigation, Mr. Anbu said.
In the second phase, massive simultaneous raids were carried out in 15 districts across Tamil Nadu on Thursday and Friday. A special team, comprising eight Deputy Superintendents of Police, conducted the operation, resulting in the arrest of 27 accused, including five key conspirators, namely Chandran of Kambam, Rani of Perumanallur, Yuvaraj of Musiri, Palaniammal of Palaniammal, Rajasivam of Nagapattinam — along with their associates. All the arrested persons have been remanded to judicial custody, and further investigation is on.
Explaining the gang’s modus operandi, a senior CB-CID officer said that each group employed a distinct method to defraud victims. One such group allegedly enticed people by claiming that thousands of crores had been sanctioned by the Central government through the RBI for the sale of “iridium copper.” They convinced victims to make unauthorised deposits, falsely stating that these were “service fees” to the RBI or hefty “commissions” for fictitious senior RBI officials to facilitate the release of the non-existent funds.
The suspects promised massive returns, assuring victims that they would receive crores in profit. To make the scam appear legitimate, they produced forged documents, such as fake RBI bonds and credit certificates featuring the RBI emblem. They even issued fabricated investment and return certificates to the unsuspecting victims.
“It is a pity that people still get duped by the conmen under the name of Iridium scam. There are people who lost their money from a few thousand to crores in the State. Further investigation is on,” said the officer.
The CB-CID appeals to the public not to fall prey to false claims and rumours such as: “Pay one lakh and get one crore”, “Selling Iridium will bring crores of rupees from abroad”, “You can receive foreign funds through the RBI”. The public is advised to remain vigilant and not to part with money based on such fraudulent promises.
Published – October 26, 2025 01:04 am IST
