Tamil Nadu Police Bust Multi-Crore Iridium Scam: 27 More Arrested in Statewide Operation

The Crime Branch police conducted synchronized raids across 15 districts on October 23 and 24 in the second phase of their operation.

Chennai:

Tamil Nadu's Crime Branch police have apprehended 27 additional individuals involved in the extensive "Iridium scam" that fraudulently used the Reserve Bank of India's name to deceive numerous victims across the state.

Iridium is classified as a silver-white transition metal belonging to the platinum group, characterized by its hardness, brittleness, high density, and exceptional resistance to corrosion.

Following reliable intelligence, the Crime Branch-Criminal Investigation Department (CBCID) discovered multiple gangs had been swindling the public by falsely claiming that substantial funds could be obtained from foreign sources through the sale of iridium, a rare element.

Reports indicate that the perpetrators asserted the operation had RBI's endorsement and created email accounts for victims that appeared to be affiliated with the central bank. They manufactured counterfeit RBI documents and conducted business through unregistered trusts to collect substantial sums from unsuspecting individuals.

The Tamil Nadu Police shared updates about the operation on social media, stating: "Crime Branch - Criminal Investigation Department, Tamil Nadu CBCID cracks down on iridium scam Press note."

During the initial phase of operations on September 12, the CBCID arrested 30 individuals connected to 13 cases registered throughout the state. Subsequent investigations resulted in more than 20 additional cases being filed as officials accumulated evidence and statements from victims.

The second phase of raids was executed simultaneously across 15 districts on October 23 and 24.

A specialized team comprising eight Deputy Superintendents, 20 Inspectors, and 15 Sub-Inspectors apprehended 27 accused persons, including principal conspirators - Kambam Chandran, Perumanallur Rani, Musiri Yuvaraj, Varusanadu Palaniammal, and Nagapattinam Rajasivam.

All those arrested have been placed in judicial custody.

The CBCID issued warnings to the public about fraudulent schemes promising extraordinary returns, cautioning against believing claims such as "Pay Rs 1 lakh and get Rs 1 crore" or "Selling iridium will bring crores of rupees from abroad."