Tamil Nadu police arrest 27 in multi-crore ‘iridium’ scam
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In a major operation, Tamil Nadu’s Crime Branch police have arrested 27 people involved in a large-scale “Iridium scam” that defrauded people across the state by misusing the name of the Reserve Bank of India (RBI).
Iridium is a hard, brittle, silver-white metal from the platinum group, known for being extremely dense and resistant to corrosion.
According to the Crime Branch-Criminal Investigation Department (CBCID), several gangs deceived the public by claiming that crores of rupees could be earned from abroad through the sale of iridium, a rare element.
The accused told the victims that their business had the RBI’s approval. They even created fake email accounts that appeared to be linked to the central bank and forged RBI documents to make the operation seem legitimate. Officials said the gangs also used unregistered trusts to collect large sums from unsuspecting people.
The CBCID first arrested 30 people on September 12 in connection with 13 cases registered across Tamil Nadu. As investigations continued, over 20 new cases were filed based on fresh evidence and statements from victims.
The second phase of raids took place on October 23 and 24 across 15 districts. A special team — including eight Deputy Superintendents, 20 Inspectors, and 15 Sub-Inspectors — carried out the operations.
Among those arrested were key conspirators Kambam Chandran, Perumanallur Rani, Musiri Yuvaraj, Varusanadu Palaniammal, and Nagapattinam Rajasivam. All the accused have been sent to judicial custody.
The CBCID has urged citizens to remain cautious of fraudulent investment schemes that promise extraordinary returns. It warned the public against falling for offers like “Pay Rs 1 lakh and get Rs 1 crore” or “Selling iridium will bring crores of rupees from abroad.”