Salem: Two persons have been arrested for allegedly cheating the Madras Aluminium Company at Mettur near here, a part of the Vedanta group, to the tune of about Rs 66 lakhs by encashing bogus cheques, police said Monday.
The two were arrested in Chennai on Saturday following investigation on a complaint from the company and a private bank in which it has account, they said.
Police are on the lookout for two others, including one Basheer, the master mind behind the fraud.
Basheer, who made the bogus cheques and forged the signatures, had approached the arrested two for depositing two cheques in their accounts saying he had no bank account. He later withdrew a portion of the amount.
Police said they had frozen the accounts in which the two cheques were deposited.