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Central Crime Branch (CCB) of the city police have arrested an employee of a private financing agency on the charge of defrauding ₹ 7.53 lakh. The accused, Jagan (29) of Kunnathurampalayam of Annur, was arrested under Sections 408, 468, 471, 420 of IPC and remanded on Tuesday. According to Central Crime Branch (CCB) officials, Jagan was an employee of TVS Credit Services Pvt Ltd here. He was in-charge of sales and collection of two-wheeler loans. On May 17, Mr. Senthamizhan, Territory Collection Manager of the company, during a routine checking of collections found that around ₹ 7. 4 lakh collected from 41 customers were not deposited in the bank account of the firm though Jagan had collected the same. Of this, 15 customers had closed their loans. Internal investigation by the company found that the accused collected monthly installments from the 41 customers and did not give receipt for the same. According to Central Crime Branch (CCB) officials, the accused also presented fake challan at the company to show that collection amount was deposited in its bank.