Mumbai News: Malad Woman Cheated Of ₹28L In Loan Fraud; 2 Booked

Mumbai: The Malad police have booked two people for duping a woman of Rs28 lakh under the pretext of securing a loan of Rs 4.2 crore. The FIRs were filed against Chandrakant Gaikwad and Pradeep Mishra.

According to the police report, Dhvani Mehta (33), residing in Borivali with her husband and mother-in-law, runs a stationery business. Having acquired a loan of around Rs2.5 crore from various banks for her business, she sought an additional loan for repayment of her previous loans and business expansion. Because of her existing loans, getting more funds became difficult. She reached out to relatives, who linked her with Gaikwad, an agent.

Accused Collected Small Sums Of Money From Victim Citing Charges

Gaikwad collected her documents with the promise of securing Rs4.2 crore loan from 'Midas Finance.' The deal was finalised, and Gaikwad would receive an 8% commission, as agreed upon after approval. Following this, Gaikwad and his associate Pradeep Mishra demanded various sums, citing processing fees and insurance. Dhvani, trusting the duo, transferred Rs28 lakh. However, the promised loan amount failed to materialise.