Chennai, Sept 9 (IANS): Tamil Nadu Police has launched a manhunt to arrest the accused associated with cheating people in lieu of huge returns through crypto investments.

Sources said that in Thoothukudi, a person identified himself as a social media influencer who lured a youth by promising heavy returns. The youth invested around 70 lakh rupees in different installments.

They said while there were some returns in the initial days, however in the last three months there have been no returns. When the investor contacted the person, his phone was switched off and there was no response.

The youngster has filed a complaint with the Thoothukudi police who have commenced an investigation.

Source told IANS that a lot of people including women, retired employees, unemployed youths and even NRI returnees have invested money in several crypto schemes.

According to a senior police officer with the Cyber Security Wing of the Tamil Nadu Police, money to the tune of more than 50 crore has been siphoned off by the Crypto currency racket.

The Cyber Wing which has cracked several online frauds is confident that they will crack this case also.

Sources said that many people are reluctant to lodge complaints as some have illegally invested money while some have invested money for which they have not paid taxes.

Police are conducting a detailed probe in the crypto currency network scam case.