Mumbai: Fourth Person Arrested After Powai Businessman Duped Of ₹2 Crore

Mumbai: Fourth Person Arrested After Powai Businessman Duped Of ₹2 Crore

According to the police, the matter first surfaced in April last year when the complainant approached them alleging fraud. The complainant, who runs an electronics business, wanted to expand his business for which he required a financial loan - up to Rs. 150 crores.

Aishwarya IyerUpdated: Wednesday, June 26, 2024, 04:55 AM IST
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Mumbai: In the fraud case where a 55-year-old businessman from Powai was duped of Rs. 2 crore last year, the Powai police have arrested an individual named Rajashekhar Subbiah alias Rajan, who is suspected as the main accused in the case. The victim was seeking a loan of Rs. 150 crore for expanding his electronic business without hassle.

According to the police, the matter first surfaced in April last year when the complainant approached them alleging fraud. The complainant, who runs an electronics business, wanted to expand his business for which he required a financial loan - up to Rs. 150 crores.

He was suggested to a man named Suresh Naidu from Navi Mumbai who told Sundar and Subramanium claiming to provide easy loan assistance. In between the talks, more people got involved on the pretext of helping secure a loan, including the recently arrested accused Rajan - who the complainant mostly met in Tamil Nadu. Rajan allegedly demanded Rs. 3 crore as a registration fee which he said will go to the Kerala government, the police said.

After multiple trips to Kerala and Tamil Nadu and depositing the Rs. 3 crore, the complainant heard nothing from the group and kept avoiding his calls and requests for meet-ups. Yet, after some pressure from the complainant’s friend, the group paid Rs. 1 crore back. Hopeless, the complainant approached the police and registered a case against them. In the FIR, police added eight names as the accused.

In February, police arrested Thomas Madura, Sethuraj Ashirvadam and Shanmugasundaram Andiyyappan. Police officials said they are currently looking for other suspects for which the probe is being undertaken.

Rajan has been remanded to police custody for further investigation, police said, adding that his name will be added to a supplementary chargesheet as the previous chargesheet was submitted to the court after the first arrest of three individuals.

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