Mumbai: Duo held for duping people on the pretext of education loan

Mumbai: The crime branch unit 7 has arrested two persons for allegedly duping people on the pretext of offering them high returns for helping them to secure 'education fund' of Rs 80,000 crore. The accused are identified as Prasad Bolapati, 37, and Vinesh Vishwanath, 39. According to the police, Bolapati was the mastermind of the gang and has similarly duped 9 others to the tune of Rs 4.5 crore. The Economic Offences Wing at Delhi is already investigating a case registered against him.

Last week the complainant, a businesswoman, met the accused during a seminar in a posh hotel in Juhu. Bolapati introduced himself as the managing director of a multinational company. He claimed that his company have received 'education loan' of Rs 80,000 crore but added that said loan was stuck with the Reserve Bank of India (RBI). To release the fund, Rs 50 lakh should be given to 'RBI' officials and offered the complaint Rs 7 crore after the deal.

The complaint could not resist the offer and ended up paying Rs 50,000 as a token amount. Soon, his friend told her that it was a con. The complaint then approached the crime branch unit 7.

On Thursday, on the day of the deal, the crime branch sleuths raided the hotel in which the deal was scheduled in Ghatkopar. During the raid, they seized forged documents pertaining to Finance Ministry, RBI and many other ministries.

The duo was produced before the court on Friday which remanded them in police custody toll Wednesday, added a police officer.

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