CHENNAI: City Police on Saturday arrested two persons including a woman for allegedly cheating a businessman of Rs 86 lakh by promising him to secure a loan of Rs 25 crore to expand his business.

The other accused is a serial offender who was arrested earlier for similar offence.

The complainant, B Krishnakumar (43) of Kodungaiyur runs a logistics company. He has approached Muthuvel of Villivakkam to arrange a loan of Rs 25 crore.

Muthuvel took Rs 86 lakh in three instalments, but never arranged the loan. When the businessman asked Muthuvel to return the money, he dodged him after which a police complaint was filed.

Nandambakkam Police on Saturday arrested Muthuvel alias Lion Muthuvel (45) and his accomplice, Angelina Christy Nisha (43).

The two of them were produced before a magistrate and remanded to judicial custody.