Trio Dupe Farmer Of 1.30cr In Iridium Deal, Two Arrested | Coimbatore News – Times of India

Coimbatore: The city crime branch police have arrested two men for cheating a farmer of 1.30 crore by promising to get him iridium, which they said he could sell for several crores of rupees.
An investigation officer identified the arrested duo as G Sivaji, 63, of Vadavalli in Coimbatore, and K Chandrasekaran, 53, of Morappur in Dharmapuri district. Pointing out that Chandrasekaran’s son Ashwin was also involved in the case, the officer said he was on the run.“We have formed a special team to nab him.”
According to the officer, Chandrasekaran approached his friend V Kumar, 41, a farmer from Kosapatti village in Dharmapuri district, introducing Sivaji as an iridium seller and persuading him to invest some amount in the iridium business. “He also told Kumar that Sivaji had earned several crores of rupees by sending iridium abroad.”
In 2020, he said, Chandrasekaran took Kumar to SITRA in Coimbatore city to meet Sivaji, who took the duo to a room and showed them a metal, which he said was iridium. “He sought 85 lakh from Kumar, stating some materials had to be added to the iridium. Kumar sold his properties and arranged the amount. A few months later, Kumar demanded his share of profit. But he was asked to pay another 45 lakh, which he transferred to a few bank accounts.”
When Sivaji did not pay any share of the profit, the officer said, Kumar asked him to return the invested amount. In October 2023, Kumar approached the city crime branch police, who registered a case against the trio and arrested Sivaji on November 8 and Chandrasekaran the very next day. They have been lodged in the Coimbatore Central Prison under judicial custody. tnn
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