Mumbai: Man held for defrauding people by fake loan promises

Representational Pic/File

The Malad Police in Mumbai arrested an accused who defrauded people out of lakhs of rupees by promising them loans from various banks at low rates in exchange for processing fees, the police said on Tuesday.

The arrested accused has been identified as 32-year-old Chandrakant Gaikwad, the police said.

According to the police, Gaikwad had been on the run, frequently changing his location and mobile number to evade arrest. However, the police kept a constant watch on him and, after tracing his movements, apprehended him last week on Malad Link Road.

Devotees welcome Lord Ganesha

3 months agoWEBSTORY

Upon his arrest and a subsequent house search, the police recovered 46 passbooks from various banks, more than 83 checkbooks, 78 ATM cards, 19 PAN cards, 21 Aadhaar cards, 13 mobile phones, and 5 rubber stamps from the Bank of India, an official said.

According to police sources, the investigation began after a woman, who runs a stationery shop, filed a complaint. She had approached the accused through an acquaintance seeking a loan. Gaikwad promised her a loan of Rs 4.2 crores and took approximately Rs 27 lakhs from her between July and August 2023 as a processing fee. He sent her a fake demand draft via WhatsApp and then absconded after switching off his phone. Following this, the woman approached the Malad police station and complained.

Under the guidance of DCP Anand Bhoite, Senior Inspector Ravindra Adhane, Police Inspector Rajendra Panhale, and API Sachin Kapse led the investigation. They tracked down the accused and arrested him on July 27 from Link Road in Malad.

The police seized three mobile phones during the arrest, and additional items were recovered during the house search.

"Gaikwad was presented in court, where he was remanded to police custody until September 5," an officer from the Malad police station said.

During the investigation, it was revealed that the accused has a criminal record, having previously similarly defrauded people at Kandivali, Dindoshi, NM Joshi Marg, and Vikhroli police stations. Several more victims from Pune and other parts of Maharashtra have also come forward, claiming they were defrauded by Gaikwad in the same way, the officer added.

Given the modus operandi and the seized checkbooks, passbooks, and ATM cards, it appears that Gaikwad is a habitual offender who has defrauded people in a well-planned manner. The police are now sending letters to the banks involved and have requested KYC details for all the accounts.