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Doctor duped of Rs 3.43 crore in investment scam; 1 arrested

Thiruvananthapuram: City police have arrested a man in connection with a Rs 3.43 crore investment scam that allegedly duped a doctor from Ulloor in Thiruvananthapuram, officials said on Friday.
The accused, identified as Dhanush Narayanaswamy, a resident of Bengaluru, was taken into custody by the police on September 29 and subsequently brought to Kerala the next day. He was produced before the Thiruvananthapuram Additional Chief Judicial Magistrate Court, which remanded him to judicial custody.
Also Read:Elderly doctor loses Rs 2.4 crore in 11-day digital arrest scam
According to police, the gang’s modus operandi involved winning the victim’s trust and luring him into online investments that promised high returns.
Once the doctor was convinced, he transferred substantial sums, which the gang converted into cryptocurrency and moved abroad.
According to the PTI report, the victim lodged a complaint after realising he had been cheated. Investigation revealed that the gang had contacted him via WhatsApp and Telegram, coercing him to invest.
The money was transferred into multiple bank accounts, which police tracked to an account linked to a fake company in Bengaluru.
Following the doctor’s complaint, a detailed investigation traced multiple financial transactions routed through different bank accounts. One of these accounts, belonging to a fake company registered in Bengaluru, was found to be operated by Narayanaswamy. Police alleged he played a crucial role in the racket by opening and maintaining fraudulent bank accounts used to channel the illicit funds.
Further probe into this account led to the identification and arrest of Narayanaswamy, who had opened accounts under the pretext of running a company to facilitate investment fraud, reports PTI.
Police recovered Rs 1.2 crore from his account and said investigations are continuing to identify other members of the racket and recover the remaining amount.
Also Read:Kerala Doctor loses Rs 4.43 crore in WhatsApp Trading fraud
Kajal Rajput joined Medical Dialogues as an Correspondent for the Latest Health News Section in 2019. She holds a Bachelor's degree in Arts from University of Delhi. She manly covers all the updates in health news, hospitals, doctors news, government policies and Health Ministry. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751