Chennai Police Bust Rs 8.20 Crore Land and Investment Fraud, Arrest Key Suspect

The Central Crime Branch (CCB) of the Greater Chennai Police has made significant progress in a high-profile fraud case, resulting in the arrest of one individual and the seizure of a car. The total amount involved in the fraud is approximately Rs 8.20 crore. The case was registered on November 22 following a complaint by Venkatraman from Nesapakkam.

According to the complaint, the accused, Thangavel (56), a friend of Venkatraman, claimed to be a real estate businessman. He allegedly lured Venkatraman with false promises of procuring a plot of land in a prime location in Chennai and making him a partner in a new business venture. When Venkatraman expressed concerns about his financial situation, Thangavel advised him to sell his smaller properties in various locations, assuring him that the future plot would fetch a high price.

Believing these assurances, Venkatraman reportedly paid Rs 8.20 crore to Thangavel. This amount included Rs 7.25 crore for purchasing land in Kelambakkam, Kotagiri, and The Nilgiris, Rs 75 lakh as a loan, and Rs 20 lakh for the proposed new business venture. However, Venkatraman later discovered that Thangavel had neither registered any land in his name nor returned the money, leading to a breach of trust.

Based on the complaint, a case was registered under the Cheating and Fraudulent Documents section (EDF-II) of the CCB. A special team was formed, and after an intensive manhunt, Thangavel was arrested from Madanagopalapuram, Cuddalore, on December 10. He was produced before a court and remanded to judicial custody. A car was also seized from his possession.

The investigation is ongoing to uncover further details and identify any accomplices. The Greater Chennai Police have advised the public to exercise extreme caution and conduct thorough due verification before investing money based on personal assurances or promises of land deals and business partnerships. Citizens are urged not to fall prey to such schemes offering alternative plots or lucrative returns without proper legal documentation.

The Greater Chennai Police, known for their commitment to public safety and justice, have been proactive in addressing financial crimes. They have established dedicated units like the CCB to handle complex cases involving fraud and financial irregularities. The police department encourages the public to report any suspicious activities or potential frauds to prevent further losses.