Bollywood movie producer held for duping Delhi businessman on pretext of getting him loan

He invested all the cheated amount in producing movies, but most of them flopped due to which he suffered huge losses, police said

A Bollywood movie producer has been arrested from Uttar Pradesh's Mathura for allegedly duping a Delhi-based businessman of Rs 32 lakh on the pretext of getting him loan at a cheap rate, police said on Monday.

The accused has been identified as Ajay Yadav, they said.

Yadav had duped several businessmen using a similar modus operandi. He was arrested after raids were conducted in Mumbai, Delhi, Madhya Pradesh and UP, police said.

He is the director of Serene Pvt. Ltd. and producer of six Bollywood movies -- Overtime, Bhadash, Love Fir Kabhi, Ran-Banka, Suspense and Shakshi, the police said.

He invested all the cheated amount in producing movies, but most of them flopped due to which he suffered huge losses, police said.

He was previously arrested by the Special Cell of Delhi Police and the Kandivali unit of Mumbai Crime Branch.

A man named Rahul Nath, who runs runs a business in the Okhla Industrial Area here, reported to the police that he wanted to expand his business and was in need of a loan of Rs 65 crore. A person known to Nath introduced him to the accused after seeing an advertisement in the newspaper, police said.

The accused presented himself as the director of Serene Films, a reliable Mumbai-based financial consultant. Yadav assured Nath that a loan of Rs 65 crore would be approved against his property in Delhi's Satbari for 10 years on 10 per cent interest per annum, a senior police officer said.

Yadav asked Nath to provide money as registration fee of documents. He visited Delhi multiple times on Nath''s expenditure. After taking the amount, the accused switched off his mobile phone. The address given by him was also found to be fake. The accused had duped multiple people using different names in a similar way, the officer said.

During investigation, it was found that a film named Sakshi, produced by the accused, had released recently. A police team was sent to Mumbai which found that the accused was in Madhya Pradesh's Indore, the officer said.

Later, he was found in Mathura, following which a raid was conducted and the accused apprehended, the police said.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever

"Exciting news! Mid-day is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!