A former staff member of a public sector bank, who had allegedly cheated the public to the tune of Rs.5 crore after promising them newly built residential apartments at attractive rates, was arrested here on Sunday.
Madurai Rural Police said that following complaints, Superintendent of Police Asra Garg directed the police to register a case of cheating. According to complainant Manikandan, son of Periakaruppan of Sourashtrapuram, Vandiyur Main Road, he was cheated by Sivachandran (32), son of Mariappan, in 2010.
The complaint was that Sivachandran, who was running “Pyramid Marketing Agency” on By-pass Road, promised him a new residential apartment in S.S. Colony and took Rs.10 lakh.
Taken for a ride
However, the complainant soon realised that he was taken for a ride.
The accused had offered a free overseas trip to his customers who registered on “first-come-first-served” basis.
To many others, he promised TV sets, washing machines, air-conditioners. Sivachandran also gave advertisements in a few daily newspapers.
Investigations revealed that he had got a job in the bank on humanitarian grounds following the demise of his father. Following allegations of misappropriation, he was removed from service after an inquiry.
Declared insolvent
To the query whether the victims would get back their money invested with Sivachandran, the officers said that the accused had been declared “insolvent” by a court recently. Along with Sivachandran, his accomplice, Dominique, was arrested.
