The Central Crime Branch of Chennai Police has apprehended J.M. Vijay, the CEO of an online forex trading business, for allegedly swindling investors out of ₹65 crore. Operating alongside his associate Sundaramurthy, Vijay enticed over 100 individuals with promises of 4% monthly returns on investments and assured repayment of the principal within a year.
However, Vijay and his associates absconded in October last year, leaving investors without their promised returns. The firm’s involvement in cryptocurrency funds further complicates the case, highlighting the risks associated with unregulated financial schemes. Following complaints from defrauded investors, Vijay has been arrested and remanded to judicial custody pending further investigation.