The Sorab police have arrested the owner of a private finance firm on the charge of cheating. The arrested person was identified as Rangaswamy, a resident of Talaguppa village, who was running a private finance firm, Snehajeevi Credit Marketing Company.
According to the police, the firm had collected deposits amounting to Rs. 3 crore from people in Sagar, Sorab, Shikaripur, Sirsi and Hangal taluks through agents. The arrested was also serving as a director of Appaji Seva Trust, a service organisation. The police said that to gain people’s confidence, he sponsored many cultural programmes and sports events through the Appaji Trust and promoted self-help groups through the firm.
However, Snehajeevi firm had defaulted on returning money and its office in Sorab was closed in January. Mr. Rangaswamy had been absconding since then.
S.K. Ravi, a customer who was allegedly cheated by the firm, lodged a complaint with the Sorab police against Rangaswamy, who had shifted base to Bhatkal taluk and was involved in a similar activity there. Acting on a tip-off the police arrested him.