The Tamil Nadu Police have exposed a massive multi-crore financial scam known as the “Iridium Scam.”
Fraudsters cheated people by claiming they could earn crores by investing in a rare metal called iridium.
So far, 57 people have been arrested across two phases of investigation led by the Crime Branch–Criminal Investigation Department (CBCID).
Iridium Scam in Tamil Nadu: 57 Arrested in Multi-Crore Fraud
Key Points
- The Iridium Scam tricked people with fake promises of high profits from selling iridium, a rare and expensive metal.
- Scammers claimed that the Reserve Bank of India (RBI) had approved the trade of iridium.
- They used forged RBI letters, fake government documents, and false email IDs that looked like official RBI addresses.
- Victims were told that investing a few lakhs of rupees could make them crorepatis after the “deal.”
- The CBCID launched a statewide crackdown in two phases:
- Phase 1 (12 September 2025): 30 people arrested in 13 cases.
- Phase 2 (23–24 October 2025): 27 more arrested from 15 districts.
- Main accused include: Kambam Chandran, Perumanallur Rani, Musiri Yuvaraj, Varusanadu Palaniammal, and Nagapattinam Rajasivam.
- The suspects were remanded to judicial custody.
Why Iridium Attracts Fraudsters
- Iridium is a very rare metal used in aerospace, electronics, and medical tools.
- Because it is valuable and not well known, scammers use it to fool investors.
- They claim that foreign buyers or secret government projects will pay crores for it.
- In reality, there is no legal civilian market for buying or selling iridium in India.
Official Warning
- The CBCID has warned people not to believe any schemes promising “₹1 lakh investment for ₹1 crore return.”
- The RBI does not approve or regulate any trade in rare metals like iridium.
- Citizens are advised to verify any such offers and report suspicious activity immediately.
Exam-Oriented Facts
- Metal involved: Iridium (from the platinum group).
- Investigation by: Tamil Nadu CBCID.
- Total arrests: 57 people in two phases.
- Dates of raids: 12 September and 23–24 October 2025.
- Districts covered in 2nd phase: 15 districts.
- Key accused: Kambam Chandran, Perumanallur Rani, Musiri Yuvaraj, Varusanadu Palaniammal, Nagapattinam Rajasivam.
- Fake claim: RBI-approved iridium trading.
Question & Answer
Q1. Which rare metal is at the centre of the Tamil Nadu scam?
(a) Platinum
(b) Iridium
(c) Gold
(d) Palladium
Answer: Iridium
Q2. How many people have been arrested in the Iridium scam so far?
(a) 30
(b) 45
(c) 57
(d) 60
Answer: 57
Q3. Which department is investigating the Iridium scam?
(a) CBI
(b) CBCID
(c) ED
(d) RBI
Answer: CBCID
Q4. What fake claim did the scammers make?
(a) NASA approved the deal
(b) RBI approved iridium trading
(c) WHO certified the project
(d) Defence Ministry was involved
Answer: RBI approved iridium trading
Q5. How many districts were covered in the second phase of the raid?
(a) 10
(b) 12
(c) 15
(d) 20
Answer: 15
Q6. When was the first phase of the operation conducted?
(a) 10 August 2025
(b) 12 September 2025
(c) 23 October 2025
(d) 24 October 2025
Answer: 12 September 2025
Q7. What is the real use of iridium?
(a) Jewellery making
(b) Aerospace and electronics
(c) Fertilizer production
(d) Textile dyeing
Answer: Aerospace and electronics
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