The Vadavalli police in Coimbatore have arrested Aravind Kumar (41) and B. Anbazhagan (49) for allegedly cheating a building contractor out of Rs1.87 crore by promising to arrange a Rs100 crore loan.
The victim, a building contractor, was approached by the duo who assured him that they could help secure a substantial loan of Rs100 crore for his business. Trusting their claims, the contractor paid the suspects Rs1.87 crore in advance as processing fees and other charges, believing that the loan was imminent.
However, after receiving the money, the fraudsters stopped responding to the contractor’s calls, and the promised loan never materialized. Suspecting foul play, the contractor filed a complaint with the Vadavalli police.
Police investigations quickly revealed that Aravind Kumar, a resident of Malapatti Road in Dindigul, and B. Anbazhagan, a native of Anaiyur in Madurai, had been running a fraudulent loan racket. The two men were arrested based on the contractor’s complaint, and Rs1.87 crore was reportedly siphoned from the victim’s account.
Authorities are continuing to investigate the duo’s involvement in other similar scams and are also working to trace any other victims of their fraudulent activities.
