Financier arrested for cheating 7 of Rs 70 lakh

Sleuths from Entrustment Document Fraud wing of CCB arrested Gyan Chand Bhandari, based on a complaint by Abdul Ragul Khan, a resident of Kodungaiyur. The police said that Bhandari introduced a new gold chit scheme in which he promised to give gold coin for every Rs 1 lakh cash deposited. Believing him, Ragul Khan, an iron and scrap merchant, deposited Rs 10 lakh. Later, he also introduced his six other friends and made them deposit Rs 10 lakh each.

Bhandari initially gave a 706-gram gold bar to Ragul Khan but on appraisal at a private centre, Khan was shocked to find that the bar contains only 0.90 grams of gold, while the rest was copper.

When Khan confronted Bhandari and asked him to return the cash, Bhandari allegedly threatened him. Khan and his friends then submitted a petition to the police commissioner’s office and which was forwarded to the EDF-II wing police for further investigation.

The inquiry revealed that Bhandari had cheated Khan and his friends. Bhandari iadmitted to the crime after police personnel showed video evidence of him negotiating with the complainants. The police arrested Bhandari and his wife Sangeetha has been named as the second accused.