The Central Crime Branch on Wednesday arrested a 37-year-old man from Andhra Pradesh on charges of cheating a city resident of Rs 83 lakh.
According to police, Sivarama Reddy of Chittoor, who claimed to be the executive of a private firm based in Andhra Pradesh and its allied firm in Chennai, offered lucrative returns for investments in the firm.
Believing him, Chandrasekaran of Kodungaiyur had paid Rs 83.5 lakh to Reddy, who did not pay any amount in return even after several months.
When Reddy became elusive, Chandrasekaran lodged a complaint with the Commissioner of Police, who ordered the CCB to probe the case. After preliminary investigations, the CCB arrested Reddy at Triplicane on Wednesday.