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Lucknow man duped of ₹10L on promise of ₹4cr startup loan, 2 held
According to an FIR lodged at Vibhuti Khand police station, representatives of Udyam Setu Consultant Service contacted the victim in July 2026 after he found the firm through an Instagram advertisement. They allegedly promised to arrange a loan worth crores with minimal documentation.
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A 21-year-old man was allegedly cheated of nearly ₹10 lakh on the promise of a ₹4 crore startup loan. Two men, accused of extortion and criminal intimidation, were arrested in Lucknow on Sunday, police said.
According to an FIR lodged at Vibhuti Khand police station, representatives of Udyam Setu Consultant Service contacted the victim in July 2026 after he found the firm through an Instagram advertisement. They allegedly promised to arrange a loan worth crores with minimal documentation.
The youth, who had basic documents, including Aadhaar, PAN and educational certificates, was persuaded to apply for the loan. He transferred around ₹10 lakh to the consultancy over several months, but the promised loan never materialised.
When he stopped making payments, the accused allegedly threatened him through video calls and demanded another ₹2.5 lakh. The complainant alleged that they claimed links to a criminal gang and threatened to kill him and his family if he failed to pay. They also allegedly threatened to implicate him in a false rape case.
After receiving further threats, the youth informed his family and agreed to meet the accused at Kisan Bazaar on October 11. When two men, identified as Sadik Hasnain and Shoaib Zafar, allegedly demanded money again, the victim and his relatives detained them and alerted police through the emergency helpline.
Police reached the spot and took the two men into custody. A case has been registered under relevant provisions of the Bharatiya Nyaya Sanhita for cheating and extortion.
Investigators are examining the consultancy’s operations, financial transactions and the possible involvement of others in the alleged racket.
