source:Express News Service 25 May 2010 05:15:45 AM IST
CHENNAI: A film financier landed in the police net after he showed a fake bank guarantee to help a businessman obtain a loan and subsequently cheating him by pocketing a commission of Rs 59 lakh at Valsarvakkam, on Saturday.
S Sadacharam (32) of Shasta Nagar, Thiruvanmiyur cheated T N Srinivasan of Vadavalli, Coimbatore by promising him a loan of Rs 10 crore from a nationalised bank, by passing off a fake bank account as a guarantee for the same. He had taken Rs 59 lakh as commission from Srinivasan for the guarantee.
Sadacharam is the owner of a company called Venkestwara Agency and had been a financier for films while Srinivasan ran a bottling plant - Genius Trading Corporation.
The latter wanted to expand his bottling plant and needed funds. He had approached Sadacharam, whose wife Indra was a friend of Srinivasan’s wife and had asked his help in obtaining a loan of Rs 10 crore from a bank.
Sadacharam promised to help him obtain the loan saying that he had an account in a nationalised bank in Mumbai and that he could give guarantee for the loan and Srinivasan could then get it sanctioned from the same bank’s branch in Chennai. The financier asked for a commission of Rs 59 lakh for the deal. Agreeing to the deal, Srinivasan had paid Rs 59 lakh in instalments.
After paying the commission, the businessman found that the financier had shown a fake guarantee only after he had approached the bank’s branch in Chennai. He reported the matter to the city police in March and a team of Central Crime Branch officials arrested the financier on Saturday.
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