CHENNAI: The Central Crime Branch (CCB) arrested two people, including a company director, for allegedly cheating a businessman by swindling his family gold ornaments weighing 1,899 grams (approximately 238 sovereigns) on the pretext of providing a high-value loan at low interest rates.
The complainant, a businessman from Mogappair, said he approached the owner and directors of a financing firm in Thirumurthy Nagar, Nungambakkam, in March 2025, seeking their service to avail a new loan to retrieve the family jewellery that he had pledged at a bank.
Surendar, the owner, and Ghaza Moideen Bashith, a director, reportedly promised him a substantial loan against the gold at a monthly interest rate of 1.15%, and also offered an additional Rs 30 lakh after the gold was pledged with their firm.
Based on his complaint to the Commissioner, EDF-III (Cheating and Document Fraud) wing registered a case and arrested 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.