An audacious case of fraud has come to light with the arrest of a former student who swindled his ex-teacher out of Rs 27.5 lakh and 21 sovereigns of gold. The accused, Neeliyath Varkkal Firoz (51), a native of Thalakkadathur, Malappuram, was arrested along with his wife Ramlath (45) after months of investigation by the Parappanangadi Police.