COIMBATORE: The Ramanathapuram police in the city arrested a 27-year-old engineering graduate on charges of duping Rs 2.83 lakh from a private financier, on the pretext of transferring his ongoing jewel loan from another finance firm.
He was identified as K Mohammed Musthak (27) from Velipattinam in Ramanathapuram district. He had completed his BE at a private college here a few years ago. After graduation, he was unemployed and later became addicted to online gambling, resulting in monetary losses amounting to lakhs. A few months ago, he approached a private finance firm in his native and requested a loan transfer showing the receipt of a gold loan obtained from another firm. They released around Rs 1.5 lakh to close the loan and advised him to pledge the jewels with them. After obtaining the money, he went absconding. Kenikkarai police in Ramanathapuram district was investigating this case.
Recently, Musthak moved to Coimbatore and executed the same modus operandi at a private finance firm at Ramanathapuram area in the city, police said. They added that Musthak approached the manager of the firm on March 27 and requested a jewel loan transfer showing a receipt of a jewel loan obtained at another firm. He sought Rs 2.83 lakh to close the existing loan and assured the manager to pledge the jewels with them. Believing him, the firm offered Rs 2.79 lakh and sent their staff along with him to obtain the jewels. However, he managed to escape on a bike with his friend Sheik Dawoodh. Following the incident, the firm’s manager S Priyanka filed a complaint with the Ramanathapuram police station in the city. Meanwhile, police raised an alert with all finance firms in the city about them.
Two weeks later, the suspect on Wednesday approached another private finance firm that offers gold loans in the city in an attempt to stage the same modus-operandi. They alerted the police who later arrested him. Police said that he was caught in his third attempt. He was remanded to the prison and further investigation is on to trace the other suspect, said Ramachandran, the investigation officer.
