Mumbai: The Mumbai police's economic offences wing (EOW) is investigating an alleged loan fraud after a bank accused a direct selling agent of misappropriation.
According to sources, the agency is now probing the case which has been transferred from Bhandup police station.
The bank approached the police alleging cheating following which a case has been registered under the provisions of the Indian Penal Code.
The agency has been scanning transactions from the period 2015 to 2017 and a loan amount of Rs 7.5 crore is under scrutiny. The agent who is into business of selling used cars arranged the loans for his customers which has now come under the scanner of the agency. Investigations found that some of the cars are not registered or the owner does not exist.
The agency will be probing records and transactions for further investigation in the case.
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