Thiruvananthapuram: City police have arrested a Bengaluru-based man accused of cheating a local doctor of Rs 3.43 crore in a large-scale investment scam. Officials confirmed that the accused, Dhanush Narayanaswamy, was taken into custody on September 29 and brought to Kerala the following day. He was produced before the Thiruvananthapuram Additional Chief Judicial Magistrate Court, which remanded him to judicial custody.
Online Investment Racket Promising High Returns
According to police, the accused was part of a fraudulent gang that lured victims through online investment schemes offering unusually high returns. The group allegedly established trust with the doctor before convincing him to transfer large sums of money for investment purposes.
Funds Converted to Cryptocurrency and Sent Abroad
Once the doctor invested, the funds were quickly converted into cryptocurrency and transferred abroad, making recovery difficult. The scheme mirrors a pattern seen in other cyber-financial frauds targeting professionals through messaging platforms.
Complaint Filed After Realising Fraud
As per a PTI report, the doctor from Ulloor filed a complaint after discovering the deception. Investigations revealed that the gang had initially contacted him via WhatsApp and Telegram, using manipulative tactics to pressure him into investing.
Fake Company in Bengaluru Used to Channel Funds
Police traced the money trail through several bank accounts, eventually linking it to a fake company registered in Bengaluru. The account was allegedly operated by Narayanaswamy, who police say played a key role by creating and managing these fraudulent accounts.
Rs 1.2 Crore Recovered; Hunt On for Others
Authorities recovered Rs 1.2 crore from the accused’s bank account. Investigators believe multiple accounts were used to route the stolen funds and are now working to identify other members of the racket and trace the remaining amount.
Wider Crackdown on Digital Investment Frauds
Police said the case highlights the growing threat of cyber-enabled investment scams, which have increasingly targeted professionals across India. Further investigations are underway to determine whether the accused was linked to similar fraudulent operations in other states.
