Man arrested for swindling ₹40 lakh in coaching centre deal
Police in St. Thomas Mount have arrested a 38-year-old man named Karthik for allegedly swindling ₹40 lakh from a business partner. The victim claimed the money was intended for a coaching centre partnership that never materialized.
Why it matters
This case serves as a warning regarding due diligence in private business partnerships and financial investments.
The St. Thomas Mount police have arrested a 38-year-old man for allegedly cheating a man of ₹40 lakh on the promise of making him a partner in running a private coaching centre.
The accused, Karthik, of Shanthi Nagar in Alandur, had approached Ashwin, 34, of Maduravoyal, in 2014, seeking funds to expand the coaching centre he ran with his wife. Karthik, who had worked as a professor at an engineering college, allegedly promised to make him a partner and share the profits.
Ashwin allegedly paid him ₹25 lakh in cash and another ₹15 lakh to purchase computers and other equipment in March 2014. Karthik later ran an engineering entrance examination and employment coaching centre on Karpaga Vinayagar Street in Ramapuram and reportedly shared profits with Ashwin for a few months.
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