Three arrested for cheating businessmen of crores of rupees by promising to arrange loans
Chennai police have arrested three individuals accused of running a loan-fraud scheme that allegedly swindled over ₹100 crore from businessmen. The suspects promised to arrange loans in exchange for hefty service fees and advance payments, which they never delivered.
Why it matters
This highlights the prevalence of financial fraud targeting small and medium business owners in India and the ongoing efforts by law enforcement to curb such organized crime.
Three arrested for cheating businessmen of crores of rupees by promising to arrange loans left Representative image https://th-i.thgim.com/public/incoming/eemsoy/article71613268.ece/alternates/FREE_1200/37-arrested-in-GU2GLCL4R.3.jpg.jpg Rawf8 Prison concept. Jail bars and metal handcuffs on the floor, dark background. 3d illustration The police found that the gang had allegedly cheated members of the public of more than ₹100 crore by promising to arrange loans CHENNAI The Chennai Central Crime Branch police have arrested three men for allegedly cheating businessmen by promising to arrange loans in return for hefty service charges and advance payments. According to the police, a businessman, Manivannan, 62, from Anna Nagar was promised a loan to expand his business. The accused, Lion Muthuvel alias B.M. Chettiar and his associates allegedly persuaded him to pay an advance as a service charge and collected ₹2 crore from him. They also obtained signed cheques and signatures on blank papers.
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