Directors of smart phone firm held for cheating bank

Two directors of a newly-launched smart phone company were today arrested for allegedly cheating a public sector bank.

Anto and Josekutty were arrested based on a complaint filed by the bank's Pathadippalam branch, police said.

In its complaint, the bank alleged that the duo failed to

make the loan payment of Rs 2.57 crore, police said.

Hours ahead of the launch of their smart phone, Kalamassery police arrested them.

They had given advertisements in today's newspapers announcing the launch of six models of their new smart phone.

In the advertisements, theydescribed their products as

"India's pride from God's own land".