Mangaluru: A 22-year-old student of a city college was arrested here on Monday for allegedly swindling over Rs 50 lakh from other students by borrowing sums from them, citing various reasons.
The accused, identified as Vinod, a native of Sangli in Maharashtra, has been staying with his parents in an apartment in the city for the last 25 years, police said.
The fraud was revealed after Vinod, who borrowed Rs three lakh from another student Sunil Shetty with the promise of returning it within three days, failed to repay the amount even after two months.
He had told Shetty that his parents were into the jewellery business, police said.
Shetty filed a police complaint and preliminary investigation revealed that Vinod had taken money from many other students under one pretext or other.
Several students have since then filed complaints against him.
Police said they had got information that he had duped over 50 students and taken more than Rs 50 lakh from them.
The accused was produced in court and remanded to judicial custody.