The Ernakulam Town South police on Friday (October 31) arrested a Chennai-based businessman for allegedly cheating two individuals from Kochi of ₹40 lakh.
Muhammad Sharshad, 48, of Nungambakkam, was arrested in Chennai and was being brought to Kochi.
Sharshad, the director of a private firm, is accused of drawing investments from two Kochi residents by promising them returns through profit sharing and shareholding in the company. Saravan from Tamil Nadu, who is the CEO of the company, is also an accused in the case.
The police sources said Sharshad had allegedly taken ₹30 lakh from a Kadavanthra resident and ₹10 lakh from an Elamkulam resident, promising a 24% annual return on investments in his company, besides a 5% stake in the firm. The case was registered on a court order. The complainants had moved the court after the accused failed to repay their money.
Published – October 31, 2025 10:26 pm IST
