Greater Chennai Police have registered a case against two men for allegedly cheating an Erode-based businessman of Rs one crore.
The complainant Mohanasundaram, 55, owner of a dairy in Erode wanted Rs 100 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.
In his complaint, he stated that he had given Rs one crore to Gandhilal and Ramkumar.
Police said, Mohanasundaram gave the money as commission to the duo who promised him that they would arrange Rs 100 crore as loan for his business development plans.
The amount of Rs Rs crore was handed over to the duo at a hotel in Pattinampakkam on 16 August. After taking the cash, the men absconded and remained untraceable since then.
He then rushed to lodge a complaint with the police. Efforts are on to nab the accused.