Two persons, including a director of a company, were arrested by the Central Crime Branch on charges of cheating. The police said they obtained 1,899 g (238 sovereigns) of gold jewellery from a man by promising ‘high-value’ gold loans at a low interest rate.
According to the police, Ganesh, who runs a private automotive company in Moulivakkam, had approached Surender, the owner of a private firm called GSN, located in Nungambakkam, and its directors Kaja Moideen Bashith and others, seeking financial assistance to redeem his family jewellery weighing 1,899 g that was pledged in a bank.
The accused allegedly assured him that they would provide a higher gold loan amount at a low interest rate and, after redeeming the jewellery, would pledge it at their company with interest at 1.15% per month, along with an additional amount of ₹30 lakh.
Believing their assurances, Ganesh redeemed the jewellery, which was pledged for ₹1.02 crore at the bank, and in March 2025, pledged the gold at the accused’s private company. After adjusting the loan amount, the accused paid him an additional ₹16 lakh. They also allegedly deducted ₹1.75 lakh as commission and ₹75,000 as service charges. However, the accused failed to pay the additional amount promised for the jewellery.
