A 61-year-old man has been arrested for allegedly duping a private firm of around Rs one crore by issuing cheques to two of his friends from the company's account, police said.
Based on a complaint from the firm, City Crime Branch Police arrested Vadivel late last night from his house in Sundarapuram, police said today.
He had retired from the firm and was working there on daily wages.
The financial firm during its audit found that 26 cheques were issued to two friends of Vadivel, from its account, they said.
The company filed a case in March last year and since then Vadivel and his friends were at large moving from one city to another in India, police said.
Investigation revealed that the friends had transferred money to Vadivel's account on receipt of the cheques, they said rpt they said.
Vadivel was nabbed when he came to visit his family.
Officials are in the process of attaching a commercial complex and four houses purchased by Vadivel with the money he allegedly siphoned from the firm, police added.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)