By IANS,
Chennai : Police in Chennai arrested one of the three men who submitted forged demand drafts of Rs.132.5 million (Rs 13.25 crore) each in a property auction here Friday, while a search is on for the other two.
According to the police officials, N.A.Sharif and Mohammed Hussain Ansari, both from Mumbai, and K.Rajasekharan from Bangalore had participated in a property auction held under the supervision of the Madras High Court.
The property belonged to a company that is under liquidation.
The trio had submitted demand drafts for Rs.132.5 million (Rs.13.25 crore) each, totalling Rs.397.5 million (Rs.39.75 crore), but then decided to withdraw from the auction and wanted their drafts back.
However, the officials declined their request, citing the rules that a refund could be made only after encashing the drafts and deducting the cancellation charges.
The bank to which the drafts were sent told the high court that the drafts were forged, following which a police complaint was lodged.
Police have arrested Ansari while the search is on for Sharif and Rajasekharan.