COIMBATORE: The City Crime Branch (CCB) of Coimbatore city police arrested a Tirupur native on Friday for cheating a businessman of Rs 4.40 crore. Police booked a case against Saravana Muthukumar (42) of Karuvampalayam in Tirupur district and three of his family members - Vasantha, Banu Rekha and Nachimuthu of Great Indian Mills Proprietor.
D Prabhakar (69), a businessman from Race Course in Coimbatore city complained to the City Crime Branch on December 21 stating the suspect SN Saravana Muthukumar was introduced by his friend in 2007. In April 2008, he approached Prabhakar with a proposal of starting a business and asked to lend his property to get a loan against mortgage from a private bank.
As he was a family friend and the family members of the suspect promised that they would close the loan within a year and return the pledged property, Prabhakar handed over his property documents of 4,797 sqft residential building on Abdul Rahim Road at Red Fields in the city. The suspect had obtained a Rs 2.50 crore loan on May 21, 2008. But later he failed to pay back the amount and then it was classified as nonpayment of the loan and the bank took steps to take physical possession of the property.
Prabhakar paid the loan amount including interest of Rs 4.40 crore to the bank and retrieved the property from the bank. Saravana Muthukumar and his family had promised to settle the dues paid to the bank. Meanwhile, the suspect had issued cheques several times, and all of them were returned as there was no amount in his bank accounts. When the victim contacted to inquire about it, the suspect allegedly threatened him, said police. Following the developments, Prabhakar lodged a complaint with the City Crime Branch Police against the suspect and his family members for cheating him of Rs 4.40 crore.