The District Crime Branch on Monday arrested financier-cum-businessman P Ambunathan for allegedly cheating and threatening a businessman after receiving ₹3 crore.
Ambunathan of Ayyampalayam in Karur district was arrested on the complaint of businessman Prakash. Police sources said that Ambunathan had initially taken a loan of Rs 1 crore from Prakash and later Rs 2 crore from Prakash. Ambunathan is alleged to have assured Prakash that he would be made a shareholder in his private pipe-making firm if he did not repay the loan.
However, Ambunathan neither repaid the loan nor made Prakash a shareholder. Prakash had recently met Ambunathan and asked the latter about his promise and the loan amount. Ambunathan is alleged to have threatened Prakash prompting her to file a complaint with the District Crime Branch, which has sections 407 (criminal breach of trust), 420 (cheating and dishonestly inducing delivery of property) and 506(i) A case was registered under sections of the IPC. (criminal intimidation).
Ambunathan came into limelight during the 2016 assembly elections when a police team and a flying squad of the Election Commission of India raided his warehouse in Ayyampalayam and seized a huge amount of cash. The team also traced a bogus ambulance with a fake registration number. After this the Income Tax Department officials raided Ambunathan’s house.