The man had started a business venture at Erode which turned out to be a failure following which he borrowed jewellery from his sisters to start another business that also came to nought, police said, adding that he then became a hotel cleaner.
The accused went to the premises of the cooperative bank last night to try and break in but panicked on seeing a highway patrol team and started running away, following which he was nabbed, they said.
The man was later produced before a judicial magistrate, who remanded him to 15 days custody.
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