CHENNAI: Four persons were arrested for allegedly cheating a Haryana-based businessman of more than Rs 1.4 crore by promising to get him a sizeable loan from a Singapore-based financial firm. The police recovered Rs 1 crore cash from the accused and two SUVs from them.

The complainant, Harinder Pal Singh, was looking for financial assistance to develop his company, Pal Aqua. That was when Rajasekar alias SR Thevar of Chennai, whom he had met through a common friend, promised to arrange Rs 70 crore loan.

Rajasekar introduced Singh to his associates Rajitha Mirnalsen alias Reshmin, Ramu and Dasarathan, who promised to arrange a loan from Singapore Financial Institute at a low interest rate and made Singh pay two per cent of the loan amount as stamp duty and registration fee in advance.

After they showed a fake demand draft for Rs 70 crore and assured him that the money would be credited to his bank account, Singh paid Rs 1.4 crore in cash to the gang.

However, they neither arranged the loan nor returned the amount, after which the Haryana businessman approached the city police.

The Central Crime Branch (CCB) team arrested the accused SR Thevar (65) of Sivaganga, Rajitha Mirnalsen (36) of Porur, R Ramu (37) of KK Nagar and R Dasarathan (30) of Valasaravakkam.

Police recovered Rs 1.01 crore in cash, fake stamp papers and seals from them. They were produced before a magistrate and remanded in judicial custody.