Police have arrested a 47-year-old engineer who allegedly duped people by promising loans at low interest rates. Police said Dalchand Devangan has been running the racket since 2005, and used the money largely to fund his lifestyle.
The engineer was put under surveillance following a complaint from Sukrene Vaz, a homemaker from Grant Road. Vaz told police that she responded to an ad put out by Devangan that offered loans at low rates for a loan of Rs. 5 lakh to renovate her home. She spoke to Devangan, who asked her to deposit Rs25,000 in a bank account towards processing fee. After this transaction, Devangan did not process the ‘loan’, and started avoiding her. Fearing her money was gone, Vaz approached the police. Devangan was finally arrested from his Airoli home on Wednesday. Police recovered several SIM cards, 12 debit/credit cards, 16 mobile phones from him.
Investigators also learnt that Devangan is wanted by the Nanded police in a cheating case. He has been remanded to police custody till Friday.
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