A 33-year-old man has been arrested for allegedly cheating a public sector bank here of Rs 37 lakh which he had obtained as loan for purchase of a high-end luxury car using fake documents.
Kamalesh hailing from Chittoor District of Andhra Pradesh had last year obtained the loan from State Bank of India's Alandur branch by producing fake bank account statement from private sector Karur Vysya Bank and IT returns and purchased Mercedes Benz C Class car, a police release said.
As he failed to repay the loan, the bank's officials lodged a complaint with police.
The Central Crime Branch which took up the case formed a special team and arrested Kamalesh, who was absconding, yesterday.
Investigations revealed that Kamalesh had sold the car for Rs 37 lakh and spent the money lavishly.
He has been remanded to judicial custody.
