5 conmen held for duping corporates

Mumbai police crime branch arrested five persons from Malad on Friday for allegedly cheating several people of crores of rupees by promising them easy bank loans.

Mumbai police crime branch arrested five persons from Malad on Friday for allegedly cheating several people of crores of rupees by promising them easy bank loans.

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The accused used to offer loans to corporates by advertising in newspapers, websites and social media platforms. When the victims would contact the accused on the numbers given in the advertisements, the accused would meet them at hotels for explaining them the terms and conditions of the loan. Subsequently, they would prepare fake documents such as mortgage deeds and ask the victims to pay processing charges for the documents.

“The accused would fix a meeting between the loan seekers and fake bank manager or employee. The fake bank representatives would show them approval letters, demand drafts and bank cheques to portray that the loan has been sanctioned,” read a statement released by the crime branch.

They would ask the loan seeker to meet them at the registration office and demand money in cash. After accepting money, the accused would escape and switch off phones. “In one instance, a firm was promised Rs 600 crore loan and was duped off ₹77, 000,” crime branch stated.

According to police, the accused were previously arrested in 2010 for similar offences registered in Andheri, Samta Nagar and Sewri police stations. In the past two months, the accused have been involved in cheating three persons in Uttar Pradesh in separate cases, collectively amounting to ₹35 lakh.

The police have recovered ₹4 lakh cash from their possession along with several fake PAN cards, Aadhaar cards, identity cards of finance companies and stamps from their possession.