Mumbai News: Borivali Businessman Falls Victim To Loan Fraud

Mumbai News: Borivali Businessman Falls Victim To Loan Fraud

The accused had promised that he could secure a loan for the complainant beyond his capacity

Vishal SinghUpdated: Monday, December 11, 2023, 12:50 AM IST
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Mumbai: Borivali Police has registered an FIR against the person who committed fraud in the name of obtaining a loan from the bank. The accused had promised that he could secure a loan for the complainant beyond his capacity. For this, he promised to provide security shares of his bank in the complainant's name and absconded after committing fraud in the guise of paying bank charges.

According to the information received from the police, Nehal Desai (51) has filed an FIR in the matter. Desai met a man named Sanjay, alias Vishwajeet Prabhakar Chandorkar, through his friend.

Loan against Current Share Account

Chandorkar informed the complainant that he is a businessman with a monitoring contract with ICICI Bank, approved by the board of ICICI Bank. He claimed that he could provide loans against securities through pre-approval, known as LASCA (Loan against Current Share Account). This type of loan is given in a special category, and he assured the complainant that he had legal rights.

According to the information from the police, the complainant's partner, Ashwin Patel, needed funds for a project in Curzon, Gujarat. Therefore, he requested funds for the project. Chandorkar sent an email on June 20, 2021, stating that a loan of ₹160 crore had been approved in his name. In response, the complainant requested a loan of ₹50 crore.

Out of this ₹50 crore, the complainant asked for ₹2 crore. Chandorkar requested a payment of ₹25.30 lakh as a login fee, stamp duty, etc., on the ₹50 crore, and the complainant agreed to make the payment.

Agreement with the complainant

The police mentioned that an agreement was made with the complainant, notarized, stating that 1.25 percent of the money received in the OD would be transferred to Chandorkar. After this, the money would be transferred to the account within 24 hours. Initially, it was decided to take ₹2 crores, and a fee of ₹1.25 lakhs was transferred. However, after transferring the money, there was no response from Chandorkar. When the complainant started demanding different documents, Chandorkar began avoiding him.

Chandorkar sent two emails to the complainant from different IDs, and the domain of that email ID was different. Upon discovering this, the complainant realized that he had been cheated and subsequently lodged an FIR at Borivali Police Station.

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