Thrissur: More details have emerged in the ₹500 crore Iridium scam. Reports suggest that the accused forged documents under the name of the Reserve Bank of India (RBI). Fake documents were created to claim that the money collected from investors had been deposited with the RBI.

The scammers lured investors by promising to multiply their investments, collecting nearly ₹500 crore. There are even cases where they have even assured returns as high as ₹5 crore for an investment of just ₹5,000. However, when the investors failed to get their deposited money back, they launched complaints with the police.

As more complaints started coming, the fraudsters attempted to pacify investors by presenting fake RBI letterheads. They claimed that all funds were safely deposited with the RBI and would be returned once the transactions were completed. However, RBI officials have now intervened, exposing the scam.