Multi-Crore 'Iridium' Scam Busted In Tamil Nadu, 27 Arrested

In a major crackdown on a large-scale financial fraud, the Crime Branch police of Tamil Nadu arrested 27 more people for their involvement in the multi-crore "Iridium scam" that duped people across the state by misusing the name of the Reserve Bank of India. 

Iridium is a hard, brittle, silver-white transition metal in the platinum group, known for being extremely dense and corrosion-resistant.

Acting on credible intelligence, the Crime Branch-Criminal Investigation Department (CBCID) found that several gangs had been defrauding the public by claiming that crores of rupees could be obtained from abroad through the sale of a rare element called iridium. 

According to reports, the accused claimed that the entire business had RBI's approval and even opened email accounts for the victims that appeared to be linked to the central bank. They forged RBI documents and operated through unregistered trusts to collect hefty amounts from unsuspecting victims.

Crime Branch - Criminal Investigation Department, Tamil Nadu CBCID cracks down on iridium scam Press note.https://t.co/sJOagBEv76#PressNote #CBCID #IridiumScam #Scam #TamilNaduPolice #TNPolice pic.twitter.com/sUkjP6vOiN

— Tamil Nadu Police (@tnpoliceoffl) October 25, 2025

In the first phase of operations on September 12, the CBCID had arrested 30 people linked to 13 cases registered statewide. Further investigations led to more than 20 additional cases being filed, as officials gathered evidence and victim testimonies.

The second phase of raids was carried out simultaneously across 15 districts on October 23 and 24. 

A special team of eight Deputy Superintendents, 20 Inspectors, and 15 Sub-Inspectors arrested 27 accused, including key conspirators - Kambam Chandran, Perumanallur Rani, Musiri Yuvaraj, Varusanadu Palaniammal, and Nagapattinam Rajasivam.

All arrested accused have been sent to judicial custody. 

The CBCID urged the public to be wary of fraudulent schemes that promise enormous returns, warning against falling for claims like "Pay Rs 1 lakh and get Rs 1 crore" or "Selling iridium will bring crores of rupees from abroad."