Man arrested for cheating Coimbatore businessman of Rs 4.40 crore | Coimbatore News – Times of India

Man arrested for cheating Coimbatore businessman of Rs 4.40 crore | Coimbatore News - Times of India

Coimbatore: City Crime Branch Police arrested A 42-year-old man on Friday fraud a The businessman 4.40 crores
A police officer identified the arrested person as Sarvanamuthu Kumar, a resident of Kuruvampalayam in Tirupur district. “He befriended D Prabhakar, 69, a race course businessman, through a mutual friend in 2007. In 2008, Saravanamuthu Kumar, along with his family members, approached Prabhakar with a business proposal and hired him for a year. I asked to mortgage my property with a promise to pay the debt.
According to the officer, Prabhakar allowed Saravanamuthu Kumar and his family to mortgage their 4,797 sq ft residential building on Abdul Rahim Road in Redfields for Rs 2.50 crore. “However, he failed to repay the loan, forcing the bank authorities to take steps to seize the mortgaged property. Prabhakar had no choice but to repay the loan amount with interest. No, which comes to a total of 4.40 crores, to get back their property.
Saravanamthu Kumar, meanwhile, approached Prabhakar in May this year with a promise to return the full amount and issued him several post-dated cheques, all of which bounced as the former’s bank accounts did not have cash, the officer said. .
Prabhakar then approached the city crime branch police, which registered a case against Saravanamathu Kumar and his family members under sections 120B, 406, 420 and 506 (2) of the Indian Penal Code. They arrested Saravanamuthu Kumar on Friday. He was remanded in judicial custody in Coimbatore Central Jail on the same day. tnn
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