Mumbai News: Delhi Man Arrested For Duping Businessman Of ₹98 Lakh In Fake Loan Scam

In a major breakthrough in a Rs98 lakh cheating case, the Anti-Extortion Cell (AEC) of the Mumbai crime branch has arrested the main accused from Delhi. The accused, Sayyed Mazhar alias Khalil Morakar, 45, who is the sixth suspect to be nabbed, was introduced to the complainant as the boss of a fraudulent company. Morakar was produced before court and has been remanded to police custody till May 2.

Inspector Sudhir Jadhav confirmed that Rs98 lakh was transferred into the accused's bank accounts. A total of 15 cases have been registered against Morakar across Delhi, Chennai, Mumbai and Jharkhand.

The scam targeted a Ghatkopar-based software businessman, who was duped under the pretext of helping him secure a Rs20 crore business loan at a lower interest rate. The 48-year-old complainant, who has an office in Phoenix Market City, Kurla West, approached the accused via a social media connection named Kamlesh K during Covid. The latter introduced him to the suspects claiming to be in the gold and finance business.

Between August 11 and September 3, 2021, the businessman paid Rs98 lakh as brokerage Rs50 lakh and Rs46 lakh through demand drafts, and Rs2 lakh in cash after being assured of the loan. However, after receiving the money, the accused allegedly stopped all communication and the promised loan never materialised.

According to AEC sources, five other accused have been arrested previously, including two from Chennai. The remaining three have been identified as Karthik Ravikumar alias R Karthik alias Kishore Srinivasan, 33, Vicky Durairaj Nayker, 27, and Sriram alias Narasimhan Ramdas, 44.