COIMBATORE: The city crime branch police
arrested
a 42-year-old man on Friday for
cheating
a
businessman
of 4.40 crore.
A police officer identified the arrested person as Saravanamuthukumar, of Karuvampalayam in Tirupur district. “He befriended D Prabhakar, 69, a businessman from Race Course, in 2007 through a common friend. In 2008, Saravanamuthukumar, along with his family members, approached Prabhakar with a business proposal and got him to mortgage his property with a promise to pay off the loan in a year.”
According to the officer, Prabhakar allowed Saravanamuthukumar and his family to mortgage his 4,797sqft residential building on Abdul Rahim Road at Red Fields for 2.50 crore.
“However, they failed to pay off the loan, forcing the bank authorities to take steps to take possession of the mortgaged property. Prabhakar had no other option but to pay the loan amount with interest, which totalled 4.40 crore, to retrieve his property.”
Saravanamuthukumar, meanwhile, approached Prabhakar in May this year with a promise to pay back the whole amount and issued him several post-dated cheques, all of which bounced as there was no cash in the former’s bank accounts, the officer said.
Prabhakar subsequently approached the city crime branch police, who registered a case against Saravanamuthukumar and his family members under sections 120 B, 406, 420 and 506 (2) of the Indian Penal Code. They arrested Saravanamuthukumar on Friday. He was lodged in the Coimbatore Central Prison under judicial custody the same day. tnn
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