37-yr-old man arrested for cheating people of Rs 2.6 cr

COIMBATORE: The district crime branch police arrested a 37-year-old man, who cheated several people of Rs 2.60 crore, from Nagercoil on Wednesday.
The arrested person was identified as J Jagadeesh of Anna Nagar in Palani. An MBA graduate, he was working for CRI Pumps at Saravanampatti in Coimbatore.
R Sivakumar, 30, of Nanjundapuram near Kallipalayam lodged a complaint with the district crime branch police on Tuesday.“Jagadeesh befriended me while I was working for CRI Pumps in 2015. He told me that he was earning lakhs of rupees from online trading and encouraged me to invest in his business. Believing his words, my friends and I gave him Rs 2.60 crore between October 2018 and December 2019. But he failed to return the money,” he said.
DCB police registered an FIR against Jagadeesh and formed a special team to nab him. The team found out that Jagadeesh had cheated several people in Chennai, Madurai, Dindigul and Coimbatore to the tune of Rs 50 crore. His family had lodged a man missing complaint in 2019.
The team learned that Jagadeesh had admitted his children in a private school in Nagarcoil in Kanyakumari district. He had used his mobile number for the admission process. The team rushed to Nagarcoil and came to know that Jagadeesh was staying in a rented house with his family.
“We detained him from his house and found out that he was a bald-headed person. We had photos he had posted on his Facebook page and from the people he cheated, which showed a man with lush hair. He told us that he stopped using wigs to hide his identity,” a police officer said. “We received two more complaints on Thursday from people who were cheated of 1.20 crore. Those who were cheated by Jagadeesh should lodge complaint with the DCB police.”
Jagadeesh had spent Rs 70 lakh to renovate his house in Palani and had bought lands in Madurai, the officer added. He was booked under sections 406 (criminal breach of trust), 420 (cheating) and 506 (i) (criminal intimidation) of the Indian Penal Code, and was remanded in judicial custody.