'Iridium scam': 80+ arrested in ₹20 lakh upfront fraud
Over 80 people have been arrested across Tamil Nadu for running the so-called "Iridium scam," where fraudsters convinced victims to invest big money—sometimes ₹10-20 lakh upfront—with promises of RBI-approved, sky-high returns from the rare metal iridium.
Victims believed they'd get crores back, but it was all based on fake RBI documents and phony email accounts.
Scheme uncovered after victim reported it to RBI
The scheme came to light after a victim reported it to the RBI, which then alerted police.
Raids since September have led to dozens of arrests, including key suspects like Kambam Chandran and Perumanallur Rani.
Police teams are now tracking financial trails and freezing suspect accounts.
With over 30 cases registered so far, authorities are warning everyone: if an investment sounds too good to be true—especially if it claims RBI backing—it probably is.
The investigation is still ongoing as more details emerge.