Mumbai Fraud Alert: Kandivali Man Arrested For Duping Freelancer In ₹69 Lakh Share-Linked Loan Scam

Mumbai: Kandivali Police arrested a man for allegedly cheating a freelance professional of over Rs 69 lakh by luring him with the promise of a multi-crore loan against pledged shares for a new business venture. The accused has been identified as Jatin Kumar Unadkat, who has been remanded to police custody. His sister, Sangeeta Unadkat, named as a co-accused in the case, is currently absconding. Police are investigating whether the siblings have carried out similar frauds in the past.

Details Of The Fraud

The complainant, Premkumar Verma, a resident of Virar, works as a freelancer and had earlier been employed with a direct sales agency between 2017 and 2023. During this period, he assisted several individuals in securing personal loans from multinational banks. Around two years ago, Verma had helped Sangeeta Unadkat obtain a loan of Rs 25 lakh, during which she introduced him to her brother Jatin Kumar, claiming he was involved in share trading and bulk dealing.

In January 2024, after quitting his job and searching for new opportunities, Verma was called by the siblings to meet near Sarovar Hotel in Kandivali. According to a Lokmat Times report, during the meeting, they claimed to be planning a new venture involving a boom lift business, stating that it required an investment of at least Rs 3.5 crore. They told Verma that an initial amount of Rs 90 lakh was needed and persuaded him to arrange the funds. Jatin Kumar assured Verma that he would transfer shares in Verma’s name and arrange a loan against those shares.

Trusting their assurances, Verma sold his flat in Virar for Rs 86 lakh. Between July and August 2024, he paid around Rs 81 lakh to Jatin Kumar in installments for the transfer of shares into his demat account and for securing the promised loan. An agreement was also executed stating that the shares would be transferred to Verma and a bank loan would be raised against them. Verma later opened a demat account and shared its credentials with Jatin Kumar on the pretext of facilitating the transfer.

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No Shares Had Been Pledged In Reality

However, despite being shown screenshots of shares and a loan sanction letter of Rs 2.80 crore from a private finance company, no loan amount was ever credited to Verma’s bank account. After repeated delays, Verma approached the finance company and the bank, only to discover that no shares had been pledged and that the stocks reflected in his demat account were merely demo or virtual shares used for practice trading.

When confronted, the siblings allegedly evaded answers. A security cheque issued by them was dishonoured and only Rs 1.77 lakh was repaid, leaving Rs 69.18 lakh misappropriated. Based on Verma’s complaint, Kandivali Police registered a case of cheating and criminal breach of trust and arrested Jatin Kumar on January 7. Further investigation is underway to trace the absconding co-accused and identify other potential victims.

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