After his associate was arrested a few days ago, Prabhu Narayanan went into hiding
Prabhu Narayanan
Chennai: Central Crime Branch (CCB) sleuths attached to the city police on Tuesday arrested a 36-year old man for allegedly cheating a nationalised bank here to the tune of of Rs 1.5 crore by availing loans using bogus documents. He is also wanted by CBI in another cheating case involving the Small Industries Development Bank of India (Sidbi).
The suspect Prabhu Narayanan was at large for several months and was caught by the CCB sleuths in a special operation. He came under the police radar after the bank manager filed a police complaint.
Police investigations revealed that Prabhu Narayanan was running S.B. printers at Maduravoyal and suffered huge losses. Apart from availing loans from private financiers, he approached the bank at Virugambakkam for a loan to revive his business. “He however, did not invest the sum in business and had it for his personal use. He had also provided bogus documents", a police officer said.
After his associate was arrested a few days ago, Prabhu Narayanan went into hiding. A special team picked him up from Madipakkam on Tuesday. Investigations revealed that he was wanted by CBI in a similar case where he allegedly cheated SIDBI of Rs 3.25 crore.
( Source : deccan chronicle )
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