Fri Dec 26 18:44:37 UTC 2025: Headline: Elderly Chennai Man Scammed Out of ₹3.4 Crore in Online Trading Scheme

Chennai, India – December 27, 2025 – The Central Crime Branch (CCB) has apprehended three individuals, including two women, in connection with an elaborate online trading investment scam that defrauded a 68-year-old Chennai resident, Sathyanathan, of a staggering ₹3.4 crore.

According to police reports, Sathyanathan, a resident of Adyar, was lured into the scheme after being added to a WhatsApp group called “FYERS VIP” by individuals posing as officials from Fyers Securities in Bengaluru. The fraudsters cultivated his trust by engaging in seemingly professional discussions about trading and investments. They then instructed him to download a mobile application.

Between July 7th and 25th, Sathyanathan transferred a total of ₹3.40 crore from his bank account to 13 different bank accounts provided by the scammers through the downloaded app. When he later attempted to withdraw his funds, the application was disabled, leaving him unable to access his money and realizing he had been scammed.

Following a complaint filed on the National Cyber Crime Reporting Portal, police arrested Balasubramanian, 51, from Thanjavur, on November 22nd. Further investigation led to the arrest of Murugesh, 49, Epsi, 35, and Panchavarnam, 33, on Thursday. A mobile phone used in the commission of the crime has been seized.

The investigation revealed that the main accused employed brokers to find individuals willing to provide bank accounts for depositing the illicit funds. Epsi and Panchavarnam allegedly provided several bank accounts in exchange for a commission. ₹6,00,790 of Sathyanathan’s money was traced to Murugesh’s account. Murugesh reportedly withdrew the money via cheque and handed it over to the broker, receiving a commission in return.

Authorities have also uncovered evidence suggesting that approximately ₹45 lakh was routed through five other bank accounts using a similar method, with the account holders withdrawing the money and receiving commissions. The investigation is ongoing, and police are working to identify other individuals involved in the elaborate scam and recover the stolen funds.

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