₹500 crore scam with fake RBI documents exposed

More information has come to light about the ₹500 crore Iridium scam. The accused used fake documents that appeared to come from the Reserve Bank of India (RBI). These documents falsely claimed that the money collected from investors had been deposited with the RBI. The scammers attracted investors by promising enormous returns. They offered to turn an investment of ₹5,000 into ₹5 crore. As a result, they gathered around ₹500 crore from many people. When investors tried to withdraw their money, they found it was missing. Many investors filed complaints with the police after their money was not returned. In response to the growing number of complaints, the fraudsters tried to calm the investors. They presented fake letters on RBI letterhead, insisting that the funds were secure and would be returned soon. However, RBI officials have since stepped in and revealed the truth about the scam.