Mumbai: Man promises to arrange loan from foreign banks, cheats firm of Rs 90L

  • Vijay Kumar Yadav, Hindustan Times, Mumbai
  • Updated: Mar 16, 2015 16:43 IST

The Worli police have registered a case of cheating against the managing director of a city-based financial firm.

He allegedly cheated a construction giant of Rs 90 lakh on the pretext of arranging a loan of Rs100 crore from the international banks based in Singapore and Hong Kong.

According to the Worli police, the complainant is the chief financing officer (CFO) of the firm, which has constructed many landmark high-rises in the city.

In the complaint, the CFO has stated that his company was trying hard to get the loan from various Indian banks but their efforts did not yield results.

The company executives then got in touch with one of their old financial advisors, the accused (name withheld by police citing investigation), who told company executives that he can arrange loan of Rs 100 crore for the company from international banks based in Singapore and Hong Kong, the police said.

“The accused also told the company executives that to get the loan sanctioned the company had to mortgage their prime Worli building over an area of 18,262 square feet. The accused also informed the complainant’s company that he would take 2% of the loan amount as arrangement fee,” said an officer requesting anonymity.

Of this money, the firm gave Rs 90 lakh to the accused in July last year as advance to get the loan work done. However, the accused fail to meet his promise and started delaying the process, the officer said.

Eight months later, the firm realised that very little was done towards arranging the loan. The firm demanded their money back.

On getting a negative response from the accused, the complainant firm’s CFO approached Worli police and registered a case of cheating on March 9.

Senior inspector of the Worli police station Vinay Kulkarni said, “A case of cheating involving Rs 90 lakh has been registered by the executive of the construction firm against the MD of the financial firm on the pretext of providing a loan of Rs 100 crore from international banks.”

Kulkarni further said that more case details cannot be shared as the investigation is on.

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