Man who duped family of Rs 84L held

Coimbatore: The city crime branch police arrested a 29-year-old man on Saturday for duping a family of Rs 84 lakh by promising them to invest the amount in share market and return 10% of the sum as profit every month.
Police identified the arrested as R Jayakarthik, of NGO Nagar at Kariyapatti in Virudhunagar district. An MBA holder, he was employed with a private financial firm in Chennai.
According to an investigation officer, Jayakarthik was employed with a private firm in the city in 2016 when he befriended S Ritik, 21, of Lakshmipuram in Peelamedu. A college student, Ritik introduced Jayakarthik to his mother S Shanthi Thangam, 51, a nursing superintendent with the railway department. Jayakarthik later helped her take a housing loan of Rs 47 lakh by pledging her property documents with a bank.
“After winning her trust, Jayakarthik told her that he could invest lakhs of rupees in share market and make huge profits. He also offered to provide her 10% of the amount she invests as profit every month,” the officer, who didn’t want to be named, said.
Shanthi subsequently gave him Rs 45 lakh in various instalments to be invested in the share market. For the initial few months, he paid her 10% of the amount as her share of profit.
Shanthi then told about the online trading business to her sisters R Sheela Thangam, 50, A Rani Thangam, 48, A Suja Thangam, 48, and P Latha Thangam, 46, who also entrusted him with lakhs of rupees. “The family gave a total of Rs 84 lakh to Jayakarthik. He failed to return the investment and stopped to attend their phone calls. He also took away a car belonging to Shanthi and moved to Chennai for work,” the officer said.
Following this, Shanthi lodged a complaint with the city crime branch police inspector J Nagarajan, who registered a case against Jayakarthik under Sections 406 (criminal breach of trust) and 420 (cheating) of the Indian Penal Code and arrested him on Saturday. Jayakarthik was produced before a judicial magistrate, who remanded him in judicial custody. He was later lodged in jail.