Businessman from Chennai arrested on cheating charge
The Hindu
He allegedly cheated an investor of ₹5.9 crore
The Entrustment Document Fraud (EDF) Wing of Central Crime Branch (CCB) on Saturday arrested a businessman for allegedly cheating an investor of ₹5.9 crore on the pretext of investing in export of quartz from Tamil Nadu and Andhra Pradesh.
The police said the accused R. Panneerselvam, 38, of Kaladipet, Thiruvottiyur, owned Everstone Minerals and was into quarrying business. In 2019, he approached Mohammed Arshad, 51, of Nungambakkam, claiming that he had orders for ₹16 crore to export quartz stones. He asked Arshad to invest in his business promising big profits in a year. Arshad gave ₹5.9 crore in instalments to him.
Even after a year, Panneerselvam failed to return the amount. Hence, Mr. Arshad lodged a complaint during the grievance redress camp held by the Police Commissioner last year.
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