MUMBAI: A 32-year-old man named Pratik Radhakrishnan was arrested on Monday for duping a Chennai-based businessman, M S Rajendran, out of Rs 2.82 crore. Radhakrishnan, who had been previously employed as an assistant manager at a nationalized bank, orchestrated the scam by promising Rajendran the franchise rights for a reputable clothing brand, reported Times of India.
According to multiple reports, the incident dates back to 2019 when Pratik Radhakrishnan forged official documents, including the logo, seal, and signatures of high-level executives from the clothing company, to create a fake agreement. Over several instalments, Rajendran transferred a total of Rs 2.82 crore to Radhakrishnan, believing he would secure the franchise.
However, after two years of waiting, when Rajendran still had not received the promised licence, he demanded his money back. Instead of returning the amount, Pratik Radhakrishnan allegedly threatened the businessman, prompting Rajendran to file a complaint with the central crime branch’s entrustment document fraud (EDF) wing, said reports. Acting on the complaint, the EDF wing launched an investigation and arrested Radhakrishnan in Mumbai.
Pratik Radhakrishnan was remanded into judicial custody by a city court on Monday, said the TOI report. The police revealed that the former bank employee had meticulously planned the scam, using forged documents to convince Rajendran of the authenticity of the deal. His arrest has shed light on the elaborate fraud and serves as a warning to others about such scams. The police are continuing their investigation into whether the accused has been involved in similar fraudulent activities elsewhere.