The Matunga police arrested a 58-year-old for running a finance scam. The accused cheated over fifteen loan seekers worth lakhs of rupees claiming to offer loans without any guarantors, police said.
Sachin Desai alias Kishore Parekh, an LLB graduate, was arrested on Monday.
“Parekh has been booked for cheating. He had been operating since last two years. We are verifying his past record and also his residential address that he claimed to be Juhu Tara road (Juhu),” said senior inspector Sunil Deshmukh of the Matunga police station.
The scam was unearthed last week when Sandeep Soni, a businessman from Kalyan lodged a complaint against Parekh. Soni had paid Rs 10,000 to the accused as loan processing fee in return for which, Parekh issued him a cheque of Rs three lakh, which subsequently bounced as the bank account of the accused held only Rs 300.
Police said that Parekh placed advertisements offering loans to even those who did not have guarantors to back them. Last week, Soni got in touch with Parekh to avail a loan of Rs one lakh. Parekh introduced himself as Sachin Desai.
“Parekh asked Soni to meet up at a restaurant in Fort with the necessary documents — his photograph, PAN Card and residential proof,” said Deshmukh.
“On Wednesday, when I met Parekh, he asked me to pay 10 per cent of the total loan amount as processing fee. He had arrived with a woman who he claimed was his secretary,” said Soni. The same evening, Parekh asked Soni to meet him with the cash. “I met his secretary who handed me a cheque of Rs three lakh,” he added.
When Soni tried to deposit the cheque, it bounced. Parekh then called Soni again and offered to reduce his interest rate from 12 per cent to nine per cent if the latter was willing to pay up an additional sum of Rs 15,000.
“Realising that he had been cheated, Soni approached the police,” added Deshmukh.
The police laid a trap and when the secretary came to collect the money, the police arrested her and Parekh.