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31 Oct 2020, Edition - 1936, Saturday

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Coimbatore

Coimbatore : 3 arrested for cheating finance firm of Rs 4.69 crore

Covai Post Network

Coimbatore : Police Thursday arrested three persons, including a woman, on charges of cheating a leading finance firm of Rs 4.69 crore taken as loan against property.

According to police, a pump manufacturer Sekar had taken Rs 4,69,46,000 as loan after pledging the property in his and his wife’s name some time ago.

Since Sekhar failed to repay the loan, Bajaj Finance took steps to recover the amount under SARFAESI Act and appointed Vinoth of Paramathivelur, as the operation team manager, they said.

However, Vinoth colluded with the couple and handed over the pledged property documents to them, causing a loss to the firm, they said.

Based on the complaint from regional collection manager of the firm, crime branch police arrested the trio and remanded them.

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