for allegedly cheating the Madras Aluminium Company at Mettur near here, a part of the Vedanta group, to the tune of about Rs 66 lakh by encashing bogus cheques, police said today.
The two were arrested from Chennai on Saturday following investigation on a complaint by the company and a private bank in which it has an account, they said.
Police are on the look-out for two others, including one Basheer, the mastermind behind the fraud.
Basheer, who made the bogus cheques and forged signatures, had purportedly approached the arrested duo for depositing two cheques in their accounts saying he had no bank account. He later withdrew a portion of the amount.
Police said they have frozen the accounts in which the two cheques were deposited.
