Clients of an iron and steel merchant made a bogus offer of a 12 acre land in the city outskirts to settle long-standing dues and cheated him over Rs 9 crore.
On June 25, Manohar Singh lodged a cheating complaint against the clients, based on which Wilson Garden police booked a criminal breach of trust case and are probing the matter further. In his complaint, Singh said his company had sold goods worth Rs 6.8 crore to the client’s company situated in Hosur headed by one Sampath and Vadivelu Natesan. The duo failed to clear the bills after the due date and instead offered Singh a land in the outskirts. Singh agreed to take the land and even paid Rs 1.1 crore, which the clients claimed as the difference in value, as the land’s actual cost was Rs 9.3 crore.
They handed Singh the land records. Singh discovered the fraud when he checked the documents and learnt that it had already been pledged in a nationalized bank as a collateral for a loan availed by someone. He then approached Wilson Garden police.
Published 27 June 2018, 19:22 IST