Mangaluru : Barke police have arrested a college student collecting over Rs 50 lakh money from the students as the promise of doubling their money.

The student Vinod (20) has been taken into police custody on Saturday after his collegemates complained of his fraud.

It is said, Vinod had borrowed three lakh rupees from Sunil Shetty, a final year BCom degree course student from his college, Vinod not only gave in writing that he would repay the sum borrowed within a week duly affixing his signature and thumb impression on the paper, but also issued three cheques on a bank at Car Street here towards repayment of the sum borrowed.

He also defrauded over 50 students of the college to more than Rs 50 laks.

It has been reported that Vinod, studying in one of the reputed colleges in the city has duped his friends of money.

Vinod had promised his friends of doubling their money and paying back with interest. He had assured them that he would return their money in a few weeks. But after the given period when Vinod dint return the friends turned suspicious and lodged a complaint on Saturday at the Barke Police Station.