Loan Fraud: Scammer Held For Duping Ratlam-Based Man Of ₹37L

Loan Fraud: Scammer Held For Duping Ratlam-Based Man Of ₹37L

Furthermore, Farooq duped Mehta into transferring a substantial sum of Rs totaling 27 lakh under false assurances of obtaining RBI approvals for the business.

FP News ServiceUpdated: Saturday, July 06, 2024, 10:35 PM IST
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Loan Fraud: Scammer Held For Duping Ratlam-Based Man Of ₹37L | Representative Image

Ratlam (Madhya Pradesh): Ratlam Station Road Police apprehended the scammer behind a multi-state loan fraud and duped a Ratlam-based man of Rs 37 lakh on the pretext of facilitating loan. As per the complainant, Girish Mehta, a resident of Station Road, Mohammad Farooq of Ahmedabad, Gujarat posed as the owner of a finance company. Under this guise, he rented a building from Girish Mehta, claiming it was for establishing an office and residence.

Subsequently, he opened multiple bank accounts and a local SIM card, facilitating the advertisement of fraudulent loan schemes in newspapers and online platforms. Over 40 days, the accused collected approximately Rs 15 lakh from victims as processing fees for various loans, including house, business, personal, mortgage and agriculture loans.

Furthermore, Farooq duped Mehta into transferring a substantial sum of Rs totaling 27 lakh under false assurances of obtaining RBI approvals for the business. However, as soon as the funds reached Rs 37 lakh, Farooq absconded, leaving behind a fully furnished office.

A case under IPC sections 420, 406, 467, 468, 471, 34 and 120B was registered at Station Road Police Station, Ratlam. Following the directives of SP Rahul Kumar Lodha, a joint team comprising Station Road Police and the Cyber Cell meticulously arrested Farooq using advanced technical methods. Further investigations revealed that he had established similar fraudulent operations across multiple states, including Jodhpur, Bhubaneswar, Surat, Sikar and Ahmedabad.

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