A businessman from Erode on Thursday complained to the Pattinambakkam police that three persons have defrauded him to the tune of ₹ 1 crore on the pretext of arranging a loan at lower interest rate.
Police sources said the complainant Mohanasundaram, 55, owner of a dairy in Erode wanted ₹ 50 crore loan to expand his business. A few persons claiming to be representatives of a leading bank offered to arrange him the loan at a lower interest rate than the market rate. They demanded commission for the arranging loan and all transactions were done over the phone. Believing their words, he also agreed to the pay commission and with the money, he came to the city on Thursday and met with the people who promised to arrange the loan.
While they were talking in the lobby of a service apartment in Karpagam avenue, Raja Annamalaipuram, the fraudsters exchanged the cash suitcase with an empty one after diverting his attention and left the place. After a few minutes, he realised that his money was stolen and the mobile phones of those persons switched off. He then rushed to lodge a complaint with the police.
