Failed trader cheats people by promising loans, lands in net | delhi | Hindustan Times
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Failed trader cheats people by promising loans, lands in net

A 32-year-old failed readymade garment businessman has been arrested by the Vasant Vihar police for allegedly cheating people by promising them bank loans. HT reports.

delhi Updated: Jun 14, 2012 00:51 IST
HT Correspondents

A 32-year-old failed readymade garment businessman has been arrested by the Vasant Vihar police for allegedly cheating people by promising them bank loans.


Vishal Shera, a resident of Munirka village, was arrested by a team led by Anil Sharma, SHO, Vasant Vihar, following a complaint lodged by one Rajpal.

Rajpal claimed that Shera cheated him of Rs 23,000, Chhaya Sharma, DCP (south) said.

According to a senior investigating officer, Shera had cheated more than five people of around Rs 10 lakh by posing as a financer of an automobile showroom in Delhi.

“Shera cheated these people after coming out of jail in January. He was in jail for purchasing jewellery worth Rs 1.26 lakh for his girlfriend from a jewellery shop in Chanakyapuri and paying the bill through a forged cheque,” said the senior officer.

Shera, Sharma said, assumed the identity of Rajeev and assured Rajpal that he will arrange a bank loan to purchase a motorcycle.

“Rajpal gave him Rs 23,000 and 12 blank cheques of Punjab National Bank. Later, he came to know that no financer by the name of Rajeev works with the showroom. He then approached the police,” Sharma said.

Shera, who studied at a prestigious school of Shalimar Bagh, is a school dropout.

He started his own business of readymade garments, in which he incurred heavy losses. He then started operating a school van in Rohini to earn a livelihood. “Shera later started selling watches but faced financial loss there as well. After his release from jail, Shera started tracking people who were in need of bank loans to buy vehicles. He used to impersonate himself as a representative of bank or automobile showrooms,” added Sharma.