Mumbai: 5 held for duping companies on pretext of giving loans

Mumbai police has arrested a gang of fraudsters for duping companies on the pretext of providing them loans at lower interest rates.

The gang, involving five people, has duped over a dozen of companies across the country with the promise of securing high value loans from banks.

All the accused, identified as Shoaib Kasam Chandiwala (46), Ravindra Baburao Kamat (58), Shafique Babumiya Shaikh alias Mamu (40), Vijay Virendra Grover (36) and Hiren Kishor Bogayata (38), are natives of Mumbai.

They used to pose as bank officials and loan agents to companies looking for loans.

The accused placed advertisements on media platforms offering loans on low rates of interest. As soon as a company’s representative got in touch, the accused would meet them posing as loan agents.

According to crime branch officials, the accused changed roles as it suited them. After meeting, the accused would convince the client of getting a loan from public sector banks.

“Once the details of loan were discussed, clients were asked to submit documents and start preparing the mortgage,” said an official.

The arrested accused also posed as bank officials to gain confidence of the client. Meetings were arranged at hotels in different cities. This was done to make sure that the client gives processing fees for the loan. Once that transaction was completed, the accused would disappear.

A recent victim in this fraud was a Mumbai-based businessman who was looking for a loan of Rs 600 crore. He was asked to pay Rs 77,000 as processing fees. The cops are yet to find out the number of people duped and the volume of fraud.

The crime branch got a tip off that the accused will be meeting a client at a hotel in Malad, Mumbai. After getting approval from their seniors, a team led by Police Inspector Chimaji Aadhav conducted a raid and made the arrests.

Letter heads and stamps of different banks have been seized from the accused. “We seized fake rubber stamps, along with demand drafts, cheques and letterheads, of different banks. Some mortgage deeds, and copies of agreement, were also found,” said Akbar Pathan, the Deputy Commissioner of Police (Crime Branch).