In a significant breakthrough, Coimbatore police have apprehended a married couple allegedly masterminding an elaborate ATM franchise scam that swindled unsuspecting investors out of substantial sums. The sophisticated operation promised lucrative returns but delivered only empty bank accounts.
The Elaborate Con Operation
According to police officials, the accused couple - identified as Sathish Kumar and his wife Ramya - ran a fraudulent scheme offering ATM franchise opportunities to potential investors. Their modus operandi involved convincing victims to invest between ₹2-5 lakh per ATM unit with promises of handsome monthly returns.
How the Scam Worked
The couple operated through a company called SSNR Enterprises, presenting themselves as legitimate business operators. They allegedly:
- Approached potential investors with attractive franchise proposals
- Promised monthly returns ranging from ₹8,000 to ₹20,000 per ATM unit
- Used sophisticated marketing materials to appear genuine
- Initially paid small returns to build trust among early investors
The Investigation Unfolds
The scam came to light when multiple investors filed complaints after payments abruptly stopped. A special police team from Coimbatore began investigating the case, tracking the couple's digital footprint and financial transactions.
Police Commissioner V. Balakrishnan confirmed that the accused had been operating this scheme for several months before their arrest. "The couple had created an elaborate web of deception, complete with fake documents and convincing business presentations," he stated.
What Investors Lost
Preliminary investigations reveal that the couple collected several lakhs of rupees from multiple victims across Tamil Nadu. The exact amount is still being calculated as more victims come forward with complaints.
Legal Action and Recovery
The accused have been charged under multiple sections of the Indian Penal Code relating to cheating and criminal breach of trust. Police are currently working to:
- Trace and freeze the couple's assets
- Identify all affected investors
- Recover the defrauded amounts
- Investigate possible connections to other similar scams
Authorities have urged other potential victims to come forward and file formal complaints to help build a stronger case against the accused.
