Man Booked For Alleged Multi-Crore Financial Fraud In Indore

Indore (Madhya Pradesh): The city crime branch arrested a man for allegedly cheating a person by promising a Rs 2.05-crore loan and inflating the value of his property, officials said on Thursday.

 Police said the accused has been identified as Naveen Ojha, a resident of Tejaji Nagar. He worked as a loan agent and broker for finance companies and banks and posed as a representative or agent of a finance company.

According to the complaint, Ojha helped get a loan of Rs 2.05 crore sanctioned from the finance company. He allegedly collected lakhs of rupees from the complainant through RTGS and cash on the pretext of increasing the property valuation and arranging payment of stamp duty.

During the inquiry, police allegedly found that forged property search and valuation reports had been prepared to facilitate the loan. Ojha is also accused of using the company's name and the names of others in the alleged fraud.

Police said he allegedly threatened the complainant when asked to return the money. The crime branch registered a case against the accused under sections 316(2), 316(5) and 318(4) of the BNS. Police are investigating the possible involvement of his associates and others linked to financial institutions.