Staff Reporter

KOCHI: Combined action by the City Police and the Chennai police has succeeded in foiling an attempt to cheat people after promising them loans from banks. The action led to the Chennai police arresting two persons.

Mohammed Jahir and Inparaj were operating ‘Magnum Finance’ near Kanoos Theatre. They promised loans from banks to the tune of Rs. 25 lakh to Rs. 15 crore for a commission of Rs 3 lakh per crore. The plan was to give fake cheques to customers and to settle the accounts of all the customers in a single day. Based on a tip-off the police searched the office premises here and recovered many loan applications.

The Chennai police arrested them a couple of days ago.