Businessman held for swindling Rs 1.25 crore

NAMAKKAL: The police on Wednesday arrested a Namakkal-based businessman for cheating his business partner to the tune of Rs 1.25 crore in connivance with another partner.Search is on for a DMK functionary and his associates, who allegedly threatened the complainant.As per the complaint lodged with the district crime branch (DCB) by Sheik Naveen of Namakkal, business partners K Shanmugam (41) of Pillanallur and Kailasm did not give him the profit share due to him.A police officer said Naveen, an electrical shop owner, gave Rs 1.25 crore to Kailasm, a poultry farm owner and Namakkal resident, in 2009.Upon this, Naveen was made a business partner. However, Kailasm did not give Naveen’s due share in the profit as assured earlier.When Naveen sought the money back, Kailasm, along with his namesake, who is a DMK functionary, allegedly threatened him. The officer said associates of the DMK functionary were involved in the intimidation.After registering the complaint, the DCB arrested Shanmugam. The search for the other accused is on.