India, Oct. 22 -- Three persons were arrested for allegedly cheating people in Tamil Nadu and in Keralam by collecting over Rs.100 crore promising to secure loans, police said on Thursday.

Acting on a complaint from a city-based businessman N Manivannan, the Central Crime Branch police arrested the key suspect 'Lion' Muthuvel alias Muthukrishna alias B M Chettiyar and two of his associates.

According to police, the trio lured Manivannan by promising to secure a business loan for industrial development in exchange for an advance payment as a service fee for them.

The three individuals collected an advance of Rs.2 crore obtained signatures on cheques and blank papers but failed to arrange the loan as promised. Besides, they were demandin...