Mon Dec 09 12:41:06 UTC 2024: ## Coimbatore Man Arrested for ₹10 Lakh SHG Loan Scam

**COIMBATORE, December 9, 2024** – A 50-year-old man from Sivaganga district has been arrested for allegedly defrauding a women’s self-help group (SHG) near Sulur in Coimbatore district of ₹10 lakh. K. Anbalagan promised the SHG a ₹6.75 crore loan in exchange for a ₹1.4 crore upfront payment.

The scam unfolded when Anbalagan, introduced through an intermediary, convinced the SHG to pay him the money as a condition for securing government funding. Two members each contributed ₹5 lakh, totaling ₹10 lakh. Anbalagan then presented a package supposedly containing ₹6.75 crore, securing it in a room with a new lock and keeping one key. However, the SHG member retained a spare key. Upon opening the package, they discovered it contained bundles of white paper cut to resemble ₹500 notes.

When Anbalagan returned to collect the remaining funds, the SHG members apprehended him and handed him over to the Sulur police. He was arrested on Sunday and remanded in judicial custody. The police investigation is ongoing.

Read More