CHENNAI: The Entrustment Document Fraud (EDF) Wing of the Central Crime Branch has arrested a 53-year-old businessman for allegedly cheating another trader to the tune of over Rs 3 crore.
The victim, D Manivannan, is a wholesale fruit seller at Koyambedu. According to the complainant, A Suresh of Anna Nagar duped him of Rs 3 crore.
“Suresh and his associates Subramani and Sridharan claimed that they were running a business entity for mining coal in Indonesia,” said a police officer. Suresh also said he had received a contract to supply coal to an entity in China for $3.6 million.
In 2018, Suresh took Rs 3.48 crore for business expansion from Manivannan upon a promise that he would return double the amount along with interest. Manivannan himself had scrapped together the amount by borrowing from several people.
“But Suresh failed to return the amount and Manivannan was criminally intimidated, when he went to demand it,” the police added. Suresh was arrested on Wednesday.