The central crime branch of Coimbatore city police said P. Susan Isaac, 39, from Peelamedu, was running a business in partnership with two of his friends, Shanmugham and Mahalingam.
The three friends saw an online advertisement which promised high returns for investments in advertising projects.
They contacted the advertiser, V. Praveen Kumar, 28, a B.Tech degree holder, residing at Periyanaickenpalayam and operating Hestia Solutions which outsourced the projects. Praveen Kumar told the three men that he would outsource video advertising projects to Susan Isaac’s firm, which on completion would yield high rates of repayment.
He then demanded Rs 4 lakh as advance from each of the three men. In June 2014, Susan Isaac and his three partners gave Praveen Kumar a total of Rs 12 lakh. As agreed, Praveen Kumar outsourced video advertising projects to Susan Isaac’s firm.
After the completion of the projects, Praveen Kumar told Susan Isaac that Rs 17 lakh in cash will be deposited in his bank account within a couple of days. However, Praveen shut his office and went absconding.
Based on a complaint to the central crime branch, inspector S. Mariamuthu registered a case on Tuesday and launched a hunt for Praveen Kumar. The accused was arrested near Periyanaickenpalayam on Tuesday evening. He has been charged under section 409 (criminal breach of trust) of the IPC.
Praveen Kumar was produced before the judicial magistrate court VI and remanded in custody. Police suspect that he may have committed similar frauds in other cities across the state.