CHENNAI: The Tambaram Police on Sunday arrested two persons on charges of defrauding Vels Film International Limited of Rs 21.75 crore and issuing death threats.
According to a press release from the Tambaram commissioner office, the arrests followed a complaint by the firm’s manager B Gunasekaran. The accused, identified as EVP Santhosh Reddy (45) and an associate, claimed ownership of 34 acres and a theatre complex in Chembarambakkam. They entered into an MoU on June 25 to develop a joint entertainment hub, citing the need to settle an outstanding LIC Housing Finance loan.
After receiving the funds, the duo failed to produce necessary legal documents and later cancelled the agreement. They allegedly threatened the complainant to vacate the premises. Following orders from the commissioner, a team apprehended the suspects on February 8. They have been remanded in judicial custody till February 20.