Industrialist cheated: Pondy cops hunt for Kovai man

According to the police, Damodaran (52), an industrialist from Reddiyarpalayam, wanted to expand his factory and approached banks for a loan in 2016. Then, he heard about Thangavelu, an agent who used to get bank loans for others. Damodaran approached Thangavelu, who demanded Rs 1.5 crore towards processing charges to get Rs 60 crore as loan. Believing him, Damodaran transferred Rs 1 crore to Thangavelu’s account. Thangavelu, who withdrew the cash, failed to get the loan.

Fearing that he was cheated, Damodaran demanded the cash back from Thangavelu and the latter transferred Rs 25 lakh to his account. However, he failed to return the remaining Rs 75 lakh even after two years following with Damodaran lodged a complaint with the CB-CID police on Saturday. The police have registered a case and searching for Thangavelu. Further investigation is on.