Madurai EOW seeks complaints of cheating by online trading company

The Economic Offences Wing in Madurai District has sought complaints of cheating, if any, against an online trading company named ‘Tradebay Live’.

A statement said members of the public who had invested money in the company lured by the promise of higher returns and had not got back even the principal amount should appear before the EOW office, located at 4/425 A, Sankarapandian Nagar, Thapal Thanthi Nagar Extension, Madurai, with relevant documents.

The statement said a petitioner, Akhil Panda, had lodged a complaint that one T.S. Kannan of Madurai had posted advertisement in social media claiming that he was looking for investment in startup business on trading.

The company promised higher returns on investment made in new cryptocurrency. After Kannan invested ₹50,000, he did not get back neither the profit nor the principal amount.

The accused had switched off his mobile phone.

Based on Mr. Panda’s complaint, the EOW registered a case of cheating and under the provisions of the Tamil Nadu Protection of Interests of Depositors Act, 1997, and the Banning of Unregulated Deposit Schemes Act, 2019 and the Information Technology Act.