CHENNAI : A 45-year-old financier has been arrested by the Entrustment Document Fraud wing in the Central Crime Branch of the city police, for allegedly cheating people by promising to give them gold coins after collecting money to the tune of `70 lakh.
Police said, Gyan Chan Bhandari of Sowcarpet, was arrested on Monday after he cheated around seven people. “Gyan launched a gold chit scheme by offering to give one gold coin for every ` 1 lakh. Believing this, Ragul Khan, an iron and scrap dealer, made a deal and deposited ` 10 lakh and also introduced six of his friends. Each paid `10 lakh and Gyan gave a gold bar weighing 706 grams to Ragul,” said an official source.
Later, Ragul found, the bar had only .09 grams of gold and the rest was copper. Following which, he filed a complaint with the police commissioner’s office that was later forwarded to the EDF-II wing police for further investigations. On Monday, Gyan was arrested and remanded in judicial custody by a magistrate court.