Thane builder duped of ₹2.7 crore in loan fraud; police launch probe

The accused misrepresented himself as a loan facilitator and siphoned off funds meant for business expansion, officials said.

Police have registered a case against a man for allegedly cheating a builder from Maharashtra's Thane district of ₹2.7 crore after promising a business loan at a lower interest rate, an official said on Sunday.

A Thane-based builder was duped of ₹2.7 crore in a loan fraud, prompting police to launch an investigation. (Representational image/Unsplsh)

The 68-year-old complainant from Ambernath, who runs a construction business along with his two sons, needed a ₹25 crore loan. An acquaintance subsequently introduced him to the accused, who hails from Nashik, the official from Shivajinagar police station said.

The accused promised to arrange the ₹25 crore loan at 7 per cent annual interest through his company and signed an agreement with the victim's firm on August 4, 2017, he said.

As per the agreement, the victim was to pay a 10 per cent service charge of ₹2.5 crore.

Between August 2017 and January 2019, the victim transferred a total of ₹2.7 crore over three instalments into the bank accounts linked to the accused's company, the official said.

Despite repeated follow-ups, the promised loan was never sanctioned, and the accused kept delaying repayment of the advance, he said.

"We registered an FIR on Friday against the accused under sections 406 (criminal breach of trust) and 420 (cheating) of the Indian Penal Code, based on a detailed written complaint from the victim. He claims the accused misrepresented himself as a loan facilitator and siphoned off funds meant for business expansion," the official said.

"We are gathering evidence and verifying all the bank transaction details provided by the complainant," the police added.