Kottayam: Vakathanam police have arrested a man from Kannur for allegedly cheating a youth of Rs 18.5 lakhs by promising huge returns on investments in cryptocurrency. The accused, A K Pradeesh, 42, is a resident of Sreeragam at Meethale, Punnad, in Kannur.

According to the complainant, Pradeesh took money from him between August 12 and September 20 by guaranteeing huge returns. The police said the youth deposited the money in various bank accounts as directed. He approached the police after Pradeesh demanded Rs 14 lakh as tax to get the returns.

Investigators found that Pradeesh had withdrawn the money from various bank accounts in Kasaragod and Kannur districts. It was also revealed that the accused had opened about 15 bank accounts using the credentials of his relatives and acquaintances.

An investigation team formed under the directive of Kottayam District Police Chief Shahul Hameed A arrested the accused. Changanassery DySP K Vishwanathan and Vakathanam Station House Officer CK Manoj led the probe team.