Mumbai Businessman Duped of ₹2 Crore: Fourth Accused Arrested in Loan Fraud Case
Mumbai news: Powai businessman loses ₹2 crore to fraudulent loan scam, fourth accused arrested
MumbaiLoan FraudPowaiBusinessmanKerala GovernmentReal Estate MumbaiJun 26, 2024
The matter first surfaced in April last year when the complainant approached the police alleging fraud. The complainant, who runs an electronics business, wanted to expand his business and required a financial loan of up to ₹150 crores. He was introduced to Suresh Naidu from Navi Mumbai, who claimed to provide easy loan assistance. However, more people got involved, including Rajan, who mostly met the complainant in Tamil Nadu.
Rajan allegedly demanded ₹3 crore as a registration fee, which he said would go to the Kerala government. After multiple trips to Kerala and Tamil Nadu, the complainant deposited the ₹3 crore, but heard nothing from the group and was avoided when he tried to contact them. Eventually, the group returned ₹1 crore, but the complainant, feeling hopeless, approached the police and registered a case against them.
In February, the police arrested Thomas Madura, Sethuraj Ashirvadam, and Shanmugasundaram Andiyyappan. The police are currently looking for other suspects and are undertaking further investigation. Rajan has been remanded to police custody for further investigation, and his name will be added to a supplementary chargesheet.
The case highlights the growing instances of loan frauds in the city, and the need for individuals to be cautious while seeking financial assistance. The police have appealed to citizens to report any such cases to prevent further frauds.
Frequently Asked Questions
How much did the businessman lose in the loan fraud case?
The businessman lost ₹2 crore in the loan fraud case.
Who was the main accused in the case?
Rajashekhar Subbiah alias Rajan was the main accused in the case.
How many people were involved in the fraudulent activity?
Eight people were involved in the fraudulent activity, according to the FIR.
How much did the group return to the complainant?
The group returned ₹1 crore to the complainant.
What was the purpose of the loan that the businessman was seeking?
The businessman was seeking a loan of ₹150 crore to expand his electronic business.
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