Chennai police arrest one, seize car in Rs 8.20 crore land and investment fraud case

CHENNAI: The Central Crime Branch (CCB) of the Greater Chennai Police has arrested one person and seized a car in connection with a high-profile fraud case amounting to approximately Rs 8.20 crores.

The accused allegedly lured the victim with false promises of prime real estate and partnerships in new business ventures.

The case was registered on November 22, following a complaint by Venkatraman from Nesapakkam. According to the complaint, the accused, Thangavel, a friend of Venkatraman, claimed to be a real estate businessman. He promised to procure a plot in a prime location in Chennai for the victim.

When Venkatraman expressed a lack of funds, Thangavel allegedly advised him to sell his smaller properties in various locations, assuring him that the future plot would fetch a high price. Furthermore, Thangavel promised to make Venkatraman a partner in a new business he was starting.

Believing these assurances, Venkatraman reportedly paid a total of Rs. 8.20 crores. This sum included Rs 7.25 crores for purchasing land in Kelambakkam, Kotagiri, and Nilgiris, Rs. 75 lakhs as a loan, and Rs. 20 lakhs for the proposed new business venture.

The complainant alleged that the accused neither registered any land in his name nor returned the money, thereby committing a breach of trust. Based on the complaint, a case was registered under the Cheating and Fraudulent Documents section (EDF-II) of the CCB.

Acting on the orders of Greater Chennai Police Commissioner, a special team was formed under the guidance of an Additional Commissioner and the supervision of an Assistant Commissioner. After an intensive manhunt, the accused, Thangavel (56), was arrested from Madanagopalapuram, Cuddalore district, on December 10.

He was produced before a court and remanded to judicial custody. A car was seized from his possession. The investigation is ongoing to uncover further details and identify any accomplices.

The Greater Chennai Police have advised the public to exercise extreme caution and conduct thorough due verification before investing money based on personal assurances or promises of land deals and business partnerships. Citizens are urged not to fall prey to such schemes offering alternative plots or lucrative returns without proper legal documentation.