CHENNAI: City Police on Friday arrested the director of a small time IT firm who lured several persons including software engineers into fraudulent loan schemes and misused their Aadhar and PAN details to obtain loans from banks and finance companies for his personal gains.
The accused, M Lakshmi Narayanan of Velachery was the director of Techtilt info solutions and was also operating two other firms - SLN enterprises and Sri Sai Balaji Enterprises, police said.
The Entrustment Document Fraud (EDF) wing of Central Crime Branch (CCB) began investigations based on a complaint from one Ashwin Kumar stating that the accused enticed him and several others with promises of lucrative investments yielding profits. However, there was no return on investments after which the victims approached the city police.
"To proceed with the scheme, Lakshmi Narayanan obtained payslips, Aadhar cards and PAN cards of the victims under false pretenses. He then proceeded to forge their signatures on loan application forms, which were submitted to various private banks and finance, " a police officer said.
Lakshmi Narayanan managed to secure a loan of Rs 1.08 crore and the funds were deposited into the bank accounts of SLN Enterprises and Sri Sai Balaji Enterprises, police investigations revealed.
Police found out that apart from false promises of higher profits, he also lured victims with the prospect of obtaining home loans and business loans.
Additionally, it has been uncovered that Narayanan targeted and cheated numerous students seeking admissions to Medical colleges, Engineering Colleges, and nursing colleges. He collected their photographs, Mark sheets, and transfer certificates, exploiting their aspirations for personal gain.
He was produced before a magistrate and remanded to judicial custody.