Police intensify hunt for Dubai-based TARS Project Management in multi-crore fraud

Mumbai and Ernakulam police have intensified their pursuit of Dubai-based TARS Project Management, implicated in an extensive multi-crore investment fraud that has cheated investors across India with promises of extraordinarily high returns.

The scam, operational for at least nine months, has triggered investigations in Kerala and Maharashtra, with allegations pointing to a sophisticated network involving individuals in India and the UAE, potential money laundering, and the use of offshore banking channels.

The Kerala FIR

In Kerala, Ernakulam police registered FIR No. 0544/2025 on July 16 following a complaint by 67-year-old retired Army officer AK Raveendran, who claimed to have been swindled out of Rs 30 lakh. Raveendran was lured with promises of 30–40 per cent monthly profits by individuals claiming to represent TARS Management. He transferred the funds through Equitas Bank to accounts linked to Etihad Bank in Abu Dhabi.

According to the FIR, communication with the perpetrators ceased after the transfer, leaving Raveendran with no returns. The FIR names Prathik Radhakrishnan, Director of TARS Project Management in Dubai, one Manikandan, a staffer tied to the firm’s Kerala operations, and an unidentified UAE-based individual as key suspects.

Also read: Mangaluru multi-crore scamster nabbed; mansion with hidden chambers stuns police

First complaint in Mumbai

Even before that, Mumbai Police filed FIR No. 0213/2025 on July 2 at Sahyadri Police Station based on a complaint by Mumbai-based businessman Ajay Jagdish Kapoor, bringing the scam to light. Kapoor alleged he lost Rs 5.75 crore to fraudulent online trading schemes promising high returns.

The FIR invokes charges under the Bharatiya Nyaya Sanhita, 2023, including cheating (Section 318), breach of trust (Section 316), and forgery (Section 336), alongside provisions of the Information Technology Act for identity theft and impersonation.

Mumbai Police arrested Rohan Menon in Bengaluru, identifying him as a key figure in transferring funds to accounts linked to Tamil film producer Ravindhar Chandrasekaran, known for films like Sutta Kadhai and Nattupuna Ennanu Theriyuma under Libra Productions. Ravindhar Chandrasekaran, who calls himself 'Fatman' on social media, participated in Bigg Boss Tamil Season 8 last year.

The Tamil Nadu link

On July 16, a team from Mumbai’s Oshiwara Police Station visited Chandrasekaran's Chennai residence to arrest him but issued a summons after he presented medical documents citing health issues, including a recent heart surgery.

Chandrasekaran, arrested in 2023 by Chennai Police for a separate Rs 16-crore fraud case and currently out on bail, is under scrutiny for financial links to the TARS Project Management scam, though no formal charges have been filed against him in this case.

Sources said two of his associates, one Manikandan of Guindy (not the same as the TARS Project Management staffer) and one Pandi of Kolathur, are in custody and being transported to Mumbai under transit warrants.

Also read: IT Dept busts fake deductions racket, unearths Rs 120-cr bogus refund claims in TN

The case against TARS Management

TARS Management’s connection to the fraud is established through multiple evidential threads:

Individuals named in FIRs: The Ernakulam FIR directly names TARS Project Management and its director, Prathik Radhakrishnan, alongside Manikandan, linking the firm to the fraudulent scheme. The Mumbai FIR implicates TARS through bank records showing funds funnelled to accounts associated with the scam network.

Financial trails: In Kerala, funds were transferred to UAE-based accounts, including those at Etihad Bank, tied to TARS Project Management. In Mumbai, investigations revealed that victims’ funds were moved through mule accounts to entities connected to Chandrasekaran, with TARS Project Management appearing in bank records as a recipient or intermediary.

Operational role: The scam leverages TARS Project Management’s Dubai-based identity to build credibility, with perpetrators using the firm’s name to contact victims via social media, WhatsApp groups, or direct outreach.

Also read: Bengaluru chit fund scam: Kerala couple behind Rs 40 crore fraud flee to Kenya

Modus operandi

The scam’s modus operandi, as alleged, is consistent across both cases:

Promise of high returns: The victims were enticed with offers of 7–40 per cent monthly returns through fake trading apps or platforms mimicking legitimate financial institutions.

Fund collection: Investors transferred large sums to designated bank accounts, often mule accounts opened by intermediaries for a commission.

Offshore transfers and cryptocurrency: Funds were moved to offshore accounts, such as those at Etihad Bank in Abu Dhabi, or converted into cryptocurrencies like USDT via platforms like Binance to obscure the money trail.

Digital fraud: The perpetrators used fake apps and digital impersonation tactics, such as mimicking legitimate trading platforms, to deceive victims into sharing sensitive information like OTPs.

Cessation of contact: After funds were secured, communication with victims was abruptly cut off, leaving them with no returns or recourse.

Also read: Kerala couple in ‘chit fund scam’: Sale of flat, cars hints at elaborate plan

Full extent not yet known

The extent of the fraud is significant, with documented losses of Rs 30 lakh in Kerala and Rs 5.75 crore in Mumbai, though authorities suspect the total amount defrauded could run into hundreds of crores, spanning multiple states.

According to the sources, the Enforcement Directorate (ED) is investigating potential money laundering, given the cross-border financial trails and the use of offshore accounts. The scam’s link to Chandrasekaran, whose 2023 fraud case involved Rs 16 crore, suggests a broader network of financial crimes possibly active for over two years.

Wave of financial frauds

This case reflects a growing wave of digital financial frauds in India, with 1.1 million cases reported in 2023, resulting in losses of Rs 7,488.6 crore. Maharashtra alone accounted for Rs 990.7 crore in fraud-related losses. The use of mule accounts, fake apps, and offshore channels mirrors other high-profile scams, such as the Rs 719-crore Chinese loan app scam and a Rs 6.85-crore share-trading fraud in Kerala.

Challenges in tracking funds across borders, delays in bank data sharing, and victims deleting evidence due to stress complicate investigations.