Case against 3 for cheating trader of Rs 1crore

TIRUPUR: A trio cheated a textile shop-owner of Rs 1.01 crore by pledging his land documents at a bank, after getting it from him under the pretext of lending him money to help improve his business. According to police, Sathyamoorthy of AVP Colony at Alangadu was running a textile shop at New Market Street in Tirupur. Two years ago, he pledged the documents of 22.5 cents of land to Sai Rajesh and got `41 lakhs as loan to tackle loss in his business.Sathyamoorthy also paid 13 per cent commission to Rajesh besides repaying Rs 53,000 every month as monthly due. Meanwhile, the Sai Rajesh and his two aides - Vasu and Thangamuthu - pledged Sathyamoorthy’s  document to a bank and got `1.01 crore loan out of it.