Hyderabad, Jan 9 (PTI) A showroom promoter and his wife were today arrested for allegedly cheating a local businessman of Rs three crore.
V Leela Kumar had taken a loan of Rs three crore from one A V N Reddy, his neighbour in Shaikpet area here, around one year ago by entering into a Memorandum of Understanding (MoU) stating that he will offer partnership to Reddy and make him chairman of his showrooms, Additional DCP (Detective Department) Vijayendar Reddy said.
When Reddy was not given any partnership shares nor made the chairman, he sought return of the money. The cheques given by Kumar, however, bounced.
After this, Reddy approached the Central Crime Station — a wing of Hyderabad Police — seeking necessary action against Kumar, the senior police officer said.
Kumar and his wife were today arrested and a case under relevant sections of IPC was registered against them, police said, adding investigations are underway.