Thane police have registered an FIR against nine individuals, including a financial consultant firm owner and a bank manager, for allegedly cheating multiple victims out of Rs 1.74 crore by promising loans that were never sanctioned.
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The police in Maharashtra's Thane district have registered a case against nine individuals, including the owner of a financial consultancy firm and a bank manager, for allegedly defrauding people of a total of Rs 1.74 crore under the guise of facilitating loan approvals. The accused purportedly took large sums of money as processing fees but failed to provide the promised loans, according to a complaint lodged by one of the victims.
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The case came to light following a complaint by a 40-year-old builder residing in Kamothe, Navi Mumbai. According to the builder, the accused promised to help him secure a loan of Rs 4 crore for his professional activities. As part of the process, they demanded Rs 24.41 lakh as a processing fee. Despite the payment, the loan was neither sanctioned nor refunded.
In addition to the builder, several other victims were similarly deceived, with the accused collecting substantial amounts of money from them. Though the exact number of victims has not been disclosed, the total financial loss incurred collectively by all complainants amounts to Rs 1.74 crore, as per PTI reports.
The accused include the owner of the financial consultancy firm, a bank manager, and seven others who reportedly conspired to execute the scam. They lured loan-seekers with assurances of quick loan approvals, presenting themselves as legitimate intermediaries. However, after taking the money, they failed to deliver on their promises and allegedly disappeared or evaded follow-ups from the victims.
Acting on the builder’s complaint, the Naupada police registered a First Information Report (FIR) on Saturday. The FIR cites sections of the Bharatiya Nyaya Sanhita, including Section 316(2) for criminal breach of trust, Section 318(4) for cheating, and Section 3(5) for criminal acts committed with shared intent. Investigations are ongoing to identify the full extent of the scam and ascertain the involvement of each accused party.
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