As per the latest update, the District Crime Branch Police (DCB) has arrested N. V. Natarajan, the Chairman of Paavai Group of Institutions, near Rasipuram in Namakkal District and A. Senthil Kumar, owner of an Erode-based computers distributor firm on the charges of cheating a Mumbai-based finance firm by producing fraudulent documents to obtain loan to the tune of Rs.4.09 crore and not repaying it.
As per the district Police officials, a case has been registered based on a complaint from Kalyanaraman (42), Regional Risk Head of Siemens Financial Services Private Limited, the firm from whom Natarajan had sought a loan on February 6, 2013 to buy 1,500 computers for his institutions.
According to the complaint, the order for the computers was placed with A-Team Computers, Erode, owned by A. Senthil Kumar.
On March 25, 2013, the finance firm was informed by the institution that they had received the computers and asked the firm to sanction the money to the supplier, following which it was sanctioned, the police said.
The police added that the institution agreed to repay with a monthly instalment of Rs.13.7 lakh for a period of 36 months. Cheques submitted by the institution were cleared for the first two months, but payments were stopped for the remaining cheques the reason for which was under investigation and efforts taken to release the payment were in vain.
A few days ago, the firm lodged a complaint with the Inspector General of Police, West Zone, S. Davidson Devasirvatham, on whose direction a case was registered against Paavai Varam Educational Trust, Natarajan and Senthil Kumar.
The Police said that they were booked under Section 420 (cheating) of the Indian Penal Code (IPC). They were produced before the Judicial Magistrate II in the Namakkal Court, remanded in judicial custody for 15 days and lodged in the Salem Central Prison.
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