Bizman in Chennai who sought Rs 500 crore loan loses Rs 12.6 crore, bank manager detained

Several hours later, however, the money was not credited to his account, and he got into an argument with the bank manager.
Image used for representational purpose only. (File Photo)
Image used for representational purpose only. (File Photo)

CHENNAI: The city police are on the lookout for a man who allegedly swindled a businessman of Rs 12.6 crore under the pretext of getting him a Rs 500 crore loan. The victim, identified as N Rajan Babu (60) from Coimbatore, who was looking to expand his business, met the accused, Saravanan, who runs an investment firm called KG Investments at Anna Nagar, through a mutual friend in 2022.

“Saravanan demanded Rs 12.6 crore as commission for arranging the loan. On Friday afternoon, Saravanan asked Babu to give a cheque of Rs 12.6 crore to the bank manager of a private bank in Nungambakkam and in return would receive a cheque for Rs 500 crore,” said a senior police officer.

Babu went to the private bank at Dr Guruswamy Bridge in Nungambakkam and did as he was asked. After the money was debited, Babu handed over the cheque for Rs 500 crore. Several hours later, however, the money was not credited to his account, and he got into an argument with the bank manager. After receiving elusive answers from the bank, Babu lodged a complaint at the Nungambakkam police station.

The police detained bank manager Balaji and launched a hunt for Saravanan.

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