CHENNAI: The Central Crime Branch (CCB) has arrested two individuals, including a company director, for allegedly cheating a businessman by swindling his family gold ornaments weighing 1,899 grams (approximately 238 sovereigns) under the pretext of providing a high-value loan at low interest rates.
The case revolves around a complaint filed by Ganesh (name changed), who runs a private automotive company in Mogappair. According to police, Ganesh approached the owner and directors of a private financing firm, located in Thirumurthy Nagar, Nungambakkam, in March 2025.
Ganesh sought their help to retrieve his pledged family jewellery from a bank by taking a new loan. The accused—identified as Surendar, the owner, and Ghaza Moideen Bashith, a director—reportedly promised him a substantial loan against the gold at a monthly interest rate of just 1.15%. They also allegedly offered an additional Rs. 30 lakhs after the gold was pledged with their firm.
Trusting their offer, Ganesh redeemed his gold, worth over Rs.1.02 crore from the bank, and pledged it with the firm run by the accused. The accused then gave him only Rs.16 lakhs, deducting Rs. 1.75 lakhs as commission and Rs. 75,000 as service charges. They subsequently failed to provide the promised additional loan amount.
When Ganesh, feeling cheated, offered to repay the principal and interest in full to retrieve his jewellery, the accused refused to return the gold ornaments.
Based on Ganesh's complaint to the Greater Chennai Police Commissioner, a case was registered at the Central Crime Branch's EDF-III (Cheating and Document Fraud) wing.
The probe revealed that Surendar, Ghaza Moideen Bashith, and others had conspired to fraudulently obtain Ganesh's gold after helping him redeem it from the bank, and then refused to return it.
The special team arrested the two main accused, Surendar (37) from Chetpet and Ghaza Moideen Bashith (36) from Choolaimedu. They were produced before the Egmore Court, which remanded them to judicial custody.
Police are continuing their search for other absconding suspects involved in the case.