CHENNAI: The Central Crime Branch (CCB) of the Greater Chennai Police has arrested one person and seized a car in connection with a high-profile fraud case amounting to approximately Rs 8.20 crore.
The accused allegedly lured the victim with false promises of prime real estate and partnerships in new business ventures. The case was registered on November 22 following a complaint by Venkatraman from Nesapakkam.
According to the complaint, the accused, Thangavel (56), a friend of Venkatraman, claimed to be a real estate businessman. He promised to procure a plot in a prime location in Chennai for the victim.
When Venkatraman expressed a lack of funds, Thangavel allegedly advised him to sell his smaller properties in various locations, assuring him that the future plot would fetch a high price. Furthermore, Thangavel promised to make him a partner in a new business he was starting.
Believing these assurances, Venkatraman reportedly paid Rs 8.20 crore, including Rs 7.25 crore for purchasing land in Kelambakkam, Kotagiri and The Nilgiris, Rs 75 lakh as a loan, and Rs 20 lakh for the proposed new business venture. He alleged that Thangavel had neither registered any land in his name nor returned the money, thereby committing a breach of trust.
Based on the complaint, a case was registered under the Cheating and Fraudulent Documents section (EDF-II) of the CCB. A special team was formed, and after an intensive manhunt, Thangavel was arrested from Madanagopalapuram, Cuddalore, on December, 10.
He was produced before a court and remanded to judicial custody. A car was seized from his possession. The investigation is ongoing to uncover further details and identify any accomplices.
The Greater Chennai Police have advised the public to exercise extreme caution and conduct thorough due verification before investing money based on personal assurances or promises of land deals and business partnerships. Citizens are urged not to fall prey to such schemes offering alternative plots or lucrative returns without proper legal documentation.