India, Jan. 3 -- A 30-year-old man was arrested from Telangana's Kompally for duping a Gurugram based businessman of Rs.2.45 crore in June 2023, police said on Friday.

The accused, identified as Venam Raju, an MBA graduate and resident of Malkangiri in Telangana, posed as a financier and lured the victim by claiming to lend money at cheaper interest rates, according to officials privy to matter.

Investigators at Gururgram police's economic offences wing (EOW)-I said, in September 2023, the complainant in the case and former owner of Orient Craft Sweaters Limited, approached the Sadar police station claiming that he was trapped by an organised syndicate while seeking a loan at cheaper rates.

"The victim was first contacted on May 25, 20...