Thane builder duped of Rs 2.7 crore in loan fraud; police launch probe

An official on Sunday said that the police have registered a case against a man for allegedly cheating a builder from Maharashtra`s Thane district of Rs 2.7 crore after promising a business loan at a lower interest rate, reported news agency PTI.

The 68-year-old complainant from Ambernath, who runs a construction business along with his two sons, needed a Rs 25 crore loan. An acquaintance subsequently introduced him to the accused, who hails from Nashik, the official from Shivajinagar police station said, reported PTI.

The accused promised to arrange the Rs 25 crore loan at 7 per cent annual interest through his company and signed an agreement with the victim`s firm on August 4, 2017, he said.

As per the agreement, the victim was to pay a 10 per cent service charge of Rs 2.5 crore.

Between August 2017 and January 2019, the victim transferred a total of Rs 2.7 crore over three instalments into the bank accounts linked to the accused`s company, the official said, reported PTI.

Despite repeated follow-ups, the promised loan was never sanctioned, and the accused kept delaying repayment of the advance, he said.

“We registered an FIR on Friday against the accused under sections 406 (criminal breach of trust) and 420 (cheating) of the Indian Penal Code, based on a detailed written complaint from the victim. He claims the accused misrepresented himself as a loan facilitator and siphoned off funds meant for business expansion,” the official said, reported PTI.

“We are gathering evidence and verifying all the bank transaction details provided by the complainant,” the police added.

Fraudster held for duping man of Rs 1.03 cr in cryptocurrency investment

In another incident, the police have arrested a 34-year-old man in Maharashtra`s Thane district for allegedly cheating a person of Rs 1.03 crore after promising high returns on investment in a cryptocurrency, an official said on June 5, reported PTI.

The accused, a resident of Jarimari area in Mumbai, lured the victim, a resident of Panvel in Navi Mumbai, through a Facebook post that promised lucrative returns from cryptocurrency investments, Panvel cyber cell inspector Dipali Patil said, reported PTI.

Once the victim showed interest, the accused initiated communication via WhatsApp, using a fake identity and sending fabricated photos to gain trust, the official said.

The victim paid Rs 1.03 crore to the accused over a period of time, but did not get any returns.

Based on the victim`s complaint, the accused was arrested on Wednesday from Mumbra in Thane and his mobile phone was also seized, the official said.

The accused was booked under section 318(4) (cheating) of the Bharatiya Nyaya Sanhita and provisions of the Information Technology Act, she said, reported PTI.

Patil urged the public to remain cautious of online investment schemes, particularly those promoted on social media platforms.

(With inputs from PTI)

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