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Businessman arrested for cheating

Press Trust of India  |  Hyderabad 

The city police have arrested a businessman for allegedly cheating a firm of Rs 9.14 crore.

K Venkata Rama Vidya Sagar, managing director of V M Coalogix which deals in minerals, cheated another company, Gimpex Ltd, during 2011-2012, a police release said today.

Gimpex had sold imported coal to Vidya Sagar, who allegedly resold it but did not pay the full amount which was due to Gimpex.

He was absconding since 2014 after a case of cheating was registered against him.

Officers of Central Crime Station arrested him in yesterday and brought him here. Further probe is on.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, April 15 2017. 19:22 IST