What is Iridium Scam of Tamil Nadu?

Tamil Nadu Police have uncovered a multi-crore financial racket dubbed the “Iridium Scam,” which deceived hundreds of investors across the state with false promises of immense profits from trading a rare metal called iridium. The Crime Branch–Criminal Investigation Department (CBCID) arrested 27 individuals in the latest round of raids, bringing the total number of arrests to 57 across two phases of the investigation.

How the ‘Iridium’ Scam Operated

The scam centred around fraudulent claims that iridium — a precious metal from the platinum group — could be sold internationally for astronomical profits. Scammers lured victims by asserting that the Reserve Bank of India (RBI) had authorised such transactions. They even fabricated RBI approval letters, forged government documents, and created email addresses that resembled official RBI accounts to appear legitimate. Victims were often told that investments of a few lakhs could yield crores once the “iridium deal” was finalised.

Police Crackdown Across Tamil Nadu

The CBCID launched a statewide operation in two phases. The first, conducted on 12 September 2025, resulted in 30 arrests linked to 13 registered cases. Based on evidence and new complaints, authorities initiated a second phase on 23–24 October, during which coordinated raids were carried out in 15 districts. Twenty-seven suspects, including key organisers such as Kambam Chandran, Perumanallur Rani, Musiri Yuvaraj, Varusanadu Palaniammal, and Nagapattinam Rajasivam, were apprehended and remanded to judicial custody.

Background: Why Iridium Attracts Fraudsters

Iridium is an extremely dense, corrosion-resistant metal used in aerospace, medical devices, and electronics, but its rarity has made it a recurring theme in scams. Conmen often exploit public unfamiliarity with scientific and export regulations, weaving stories about “foreign buyers” and “secret government projects.” The promise of “crores for a few grams” has surfaced in several Indian states over the past decade, though no such legal market for civilian iridium trade exists.

Exam Oriented Facts

• Iridium is a rare metal from the platinum group, not freely tradable in India.
• Tamil Nadu CBCID arrested 57 accused in total during two phases of raids.
• Scammers forged RBI documents and used fake email IDs resembling RBI domains.
• The second phase of the operation covered 15 districts on 23–24 October 2025.

Official Warnings and Public Advisory

Authorities have cautioned citizens against offers that promise “₹1 lakh investment for ₹1 crore returns” or claims of RBI-approved iridium sales. The CBCID urged the public to verify any such schemes through official channels and report suspicious activity immediately, reiterating that the Reserve Bank does not authorise or regulate any trade in rare elements like iridium.