Chennai police arrest 3 in over ₹100cr fake loan racket
Chennai police arrested three men accused of running a massive fake loan racket, cheating people in Tamil Nadu and Keralam out of more than ₹100 crore.
Muthuvel (also known as Muthukrishna), with B Jagan and A Thirukumaran, lured victims with promises of easy loans but only collected hefty advance fees, never actually giving out any money.
N Manivannan complaint prompts commissioner warning
The arrests followed a complaint from businessman N Manivannan, who said he was promised a business loan but was pressured into paying upfront fees and signing blank documents.
When he was pressured into paying more, the scammers threatened him.
Police found similar complaints at other stations.
After the bust, Chennai City police commissioner A Amalraj urged the members of the public to approach banks for obtaining loans and advised not to get cheated by paying commissions to such fraudulent middlemen and financiers.