Police on Tuesday arrested the managing director of a private construction company on charges of cheating several people by promising to build them houses.
The city crime branch police said D Rajamani of Salem, a retired mechanical engineer from railways, was introduced to Meritt Infra Private Limited through his colleague Clement Bernaboss.
The company, located at Saibaba Colony, promised to construct a house for him at Thudiyalur.
Rajamani paid 43,81,680 in several instalments in 2019. He had handed over the money to Vijayakumar, the firm’s managing director, and Joel Emerson, the chief executive officer.
However, the house was never constructed, and Rajamani demanded that they return his money.
The company issued him cheques, but it bounced due to paucity of balance. The duo later gave him 6 lakh but failed to return the remaining amount, following which Rajamani lodged a police complaint. Police said several people have lost money to the tune of 78 lakh by investing in the company.