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Fly-by-night firms make away with chemical distributor’s Rs 2.3 crore 

Kaushik A Palicha, owner of a private chemical distributor company, fell prey to a newspaper advertisement that offered large loans, and approached Ganpath Financial Services in Porur.

Published: 28th July 2021 06:38 AM  |   Last Updated: 28th July 2021 06:38 AM   |  A+A-

cash, money, investment

Image used for representational purpose only

By Express News Service

CHENNAI: The Central Crime Branch (CCB) of the city police registered a case against three firms and their proprietors for allegedly cheating a 46-year-old man of Rs 2.3 crore on the promise of lending him Rs 45 crore to expand his business.

Kaushik A Palicha, owner of a private chemical distributor company, fell prey to a newspaper advertisement that offered large loans, and approached Ganpath Financial Services in Porur. However, the agent demanded Rs 1.15 crore as processing fee to release the loan, which Kaushik duly transferred to a company named Sagayam Enterprises. However, the accused demanded an additional Rs 73 lakh and Rs 45 lakh citing various procedures.

When Kaushik confronted the accused, he was allegedly issued a cheque of Rs 2.88 crore which was dishonoured at the bank. Since the accused went into hiding and remained unreachable, Kaushik lodged a complaint at the CCB. A case has been registered by the Entrustment Document Fraud under four sections and an investigation is on.



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