Kottayam: A man from Kalathipady of Kottayam was allegedly defrauded of ₹1.18 crore by a scammer who promised high returns from a gold mining company with “zero risk”. The accused, Deepesh (25), son of Achal Singh, was arrested by Kerala Police from his residence near Sharada Vihar at Jagdishpur in Uttar Pradesh.

The fraud dates back to 2024, when the victim received WhatsApp calls from numbers linked to the accused. The callers pitched an investment opportunity in a company named New Mont Gold Capital, claiming it offered fixed returns similar to the stock market but without any risk.

Upon learning that the victim was Malayali, the scammers arranged for a person named Lovin Paulose to explain the scheme in Malayalam. The victim was persuaded to download an app and transfer money in multiple instalments to various bank accounts. To build trust, small amounts were returned as “profit shares”.

However, when the victim attempted to withdraw the invested amount, the calls went unanswered. Eventually, the phone numbers were found to be inactive, prompting the victim to realise he had been defrauded. A formal complaint was filed at Kottayam East Police Station.

Following instructions from the District Police Chief, the District Crime Branch launched an investigation. Upon confirming the accused’s location in Uttar Pradesh, a team led by SI K V Vipin and CPOs Shanavas, Yousuf and Rajeev Janardhan travelled to the state and arrested Deepesh.