Bengaluru, Jan 2 : Karnataka police have nabbed an IIT-Kharagpur dropout for attempting to purchase a Point of Sales (POS) machine in the name of a restaurant, fraudulently to siphon off money, police said on Monday. The accused is identified as 34-year-old Navneet Pandey from Uttar Pradesh. The police recovered 110 debit cards, 110 credit cards, three laptops, six cell phones, fake seals, cheque books and passbooks of different banks from the residence of the accused. According to police, the accused stayed at Banashankari Second Stage in Bengaluru. Preliminary inquiries revealed that the accused made an attempt at cybercrimes. Police explain that he collected debit cards and credits from persons known to him and made an attempt to purchase a POS machine claiming himself as the owner of Kidambis Kitchen Restaurant of Banashankari. The fraud came to light after the bank staffer went to inspect the restaurant before issuing the POS machine. The owner of the restaurant K.A. Vivek filed a police complaint in this regard. Subsequently, Navneet was arrested from his flat by the Banashankari police. The cops are ascertaining the intention behind financial fraud by the accused. Investigation is on. /IANS