Panchayat leader in custody for two days for defrauding private hospital chairman of Rs. 2.85 crores as commission for securing huge loans for hospital expansion
Coimbatore: Two men including a Panchayat leader have been remanded in police custody for two days after being jailed for defrauding a private hospital Chairman, Madheswaran in the Nilambur area of Coimbatore. The fraudsters had claimed to secure loans for Madheswaran for the expansion of the hospital.
Madheswaran decided to construct a new hospital building at a cost of about Rs. 50 crores in October last year. He contacted four men through a friend. Paneerselvam (55) of Alangudi in Pudukkottai district along with the other men claimed that they would take loans from banks and various quarters for the expansion of the hospital, for which they would have to pay a commission of Rs. 2.85 crores.
Madheswaran had lodged a complaint with the Coimbatore City Crime Branch police alleging that Paneerselvam and his associates had taken Rs 2.85 crores from him but still not arranged for the promised loans. The police have registered a case and arrested two men including the Panchayat leader. The men were found in possession of two luxury cars, Rs. 49.85 crores and two fake drafts of Rs. 49.85 crores which were allegedly obtained from a bank in the name of Sailesh Prabhakar Singar of Rajasthan.
The police are investigating the angle to the fraud that Paneerselvam may have used his power as the Pattukottai Panchayat chief in the Pudukkottai district to defraud many people into taking loans. He has also been remanded in custody for two days for questioning by the police. An investigation is underway to recover the money he has embezzled thus far.
Madheswaran decided to construct a new hospital building at a cost of about Rs. 50 crores in October last year. He contacted four men through a friend. Paneerselvam (55) of Alangudi in Pudukkottai district along with the other men claimed that they would take loans from banks and various quarters for the expansion of the hospital, for which they would have to pay a commission of Rs. 2.85 crores.
Madheswaran had lodged a complaint with the Coimbatore City Crime Branch police alleging that Paneerselvam and his associates had taken Rs 2.85 crores from him but still not arranged for the promised loans. The police have registered a case and arrested two men including the Panchayat leader. The men were found in possession of two luxury cars, Rs. 49.85 crores and two fake drafts of Rs. 49.85 crores which were allegedly obtained from a bank in the name of Sailesh Prabhakar Singar of Rajasthan.
The police are investigating the angle to the fraud that Paneerselvam may have used his power as the Pattukottai Panchayat chief in the Pudukkottai district to defraud many people into taking loans. He has also been remanded in custody for two days for questioning by the police. An investigation is underway to recover the money he has embezzled thus far.