CHENNAI: The Avadi police on Friday arrested a man from Madipakkam for allegedly cheating an iron and steel pipes and bars manufacturer from Sathangadu of Rs 3.02 crore. Police are on the lookout of two more suspects, who own companies which allegedly received the goods from the firm and refused to pay.
According to the Central Crime Branch (CCB) police, the complainant approached them in 2023 stating that one Narasimhan procured steel and iron products like pipes, bars and sheet coils worth a few crores of rupees promising to sell them to six firms which trade in these products.
The complainant gave him goods worth Rs 2.32 crore from November 2023 to February 2024 and Rs 70 lakh as his commission, given that he had approached them promising to get them more business, as a marketing agent.
However, a few months later, Narasimhan went into hiding, while the companies also started dithering and ultimately refused to pay the money or return the goods. Meanwhile, the owner of one of the six firms filed a complaint against Narasimhan to show that they were not in cahoots with each other.
Based on the investigation, the CCB arrested Narasimhan on Friday.