Kingpin of a blade company nabbed by Bangalore police

Bangalore, Aug 21 (UNI) The city police have arrested the kingpin of a blade company who had been absconding since 2005 after collecting more than Rs 100 crore from the people luring them with higher rate of interest.

City Police Commissioner Neelam Achuta Rao told newspersons here today that Suresh Krishnamurthy, who had opened a finance company "Invested" in the city, had collected more than Rs 100 crore from about 3000 investors on the pretext of giving high interest and absconded.

He said that after several complaints filed by the depositors with the Police, since 2005, Suresh had returned principal amount to the tune of Rs 70 crore and later absconded with the remaining amount.

Deputy Commissioner of Police (South) Alok Kumar, who was also present, said that Suresh had stayed in Pune using a different name and later shifted to Mumbai and then to Delhi. However, Police have succeded in nabbing him in Mandya city on August 19 while he was trying to escape to Chennai.

The police had identified property, including flats, that were purchased by Suresh using the money collected from the people. They had also seized some amount of cash.

His accomplice identified as Chiman Bhai of Varanasi who was arrested two day's prior to Suresh's arrest spilled the beans and police immediately nabbed the kingpin, he added.

UNI