ERODE: CB-CID police arrested a 51-year-old man who cheated several people to the tune of Rs 1.2 crore by starting a firm and promising lucrative returns on their investment 16 years ago. The suspect M Prabakaran (51), a resident of Gandhi Road in Salem, was arrested in Bengaluru on Friday based on a tip-off.
Sources said Prabakaran started a company in Erode in 2002 and put up an advertisement that if anyone paid him an advance and got data entry projects and completed the work, they would get double their invested amount. Believing that, many people invested in the company. Later, Prabakaran went into hiding.
The victims complained to the Erode town police station. The case was later transferred to CB-CID. During the investigation, it came to light that Prabakaran along with five others including his wife Vandarkuzhali (50) had cheated people of Rs 1.2 crore.
A case was registered against the six and a trial was held in Erode JM 3 court. In 2008, Prabakaran went absconding without appearing for the trial following which the court issued an arrest warrant against him. However, the others were sentenced.
Police said, “On Friday, the CBCID received information that Prabakaran was in Bengaluru. A special team rushed to Bengaluru and arrested him. After investigation, he was produced before the concerned magistrate and was sent to jail on Saturday.”