46-year-old man arrested for cheating duo over Rs 1 crore
During the inquiry the police found that Vaneswaran had cheated many people in Tambaram and surrounding areas.
Representative image (File)
CHENNAI: A 46-year-old man, who cheated two men of over 1.3 crore by promising to provide money by selling scrap materials from the harbour was arrested by Tambaram police on Saturday.
Vaneswaran of Mylapore told his friends that he used to buy the scraps from the Chennai harbour wholesale and resell them for huge profits in the market. He promised of returns of 15 per cent of the profit within 15 days.
Believing his words, Kasim (45) and Mohamaed Kani (60) of Ranganathapuram invested 1.31 crores a few months ago.
But, even after 14 days, Vaneswaran did not return the money and told them that the ship had not returned from abroad due to issues.
Police said when the friends kept on insisting on Vaneswaran, he threatened to kill both of them and following that the complaint was filed.
The police arrested Vaneswaran on Friday. During the inquiry the police found that Vaneswaran had cheated many people in Tambaram and surrounding areas.