6 months ago
2
The Ernakulam Town South constabulary connected Friday (October 31) arrested a Chennai-based businessman for allegedly cheating 2 individuals from Kochi of ₹40 lakh.
Muhammad Sharshad, 48, of Nungambakkam, was arrested successful Chennai and was being brought to Kochi.
Sharshad, the manager of a backstage firm, is accused of drafting investments from 2 Kochi residents by promising them returns done nett sharing and shareholding successful the company. Saravan from Tamil Nadu, who is the CEO of the company, is besides an accused successful the case.
The constabulary sources said Sharshad had allegedly taken ₹30 lakh from a Kadavanthra nonmigratory and ₹10 lakh from an Elamkulam resident, promising a 24% yearly instrumentality connected investments successful his company, too a 5% involvement successful the firm. The lawsuit was registered connected a tribunal order. The complainants had moved the tribunal aft the accused failed to repay their money.
