Ahmedabad Businessman Falls Victim to Rs 77 Lakh Loan Scam, Police Launch Probe
In a significant case of financial fraud, the Vastrapur police in Ahmedabad registered a cheating complaint on Sunday after a local businessman alleged he was duped of nearly Rs 77 lakh by a group promising to arrange a large business loan. The incident highlights growing concerns over fraudulent loan schemes targeting entrepreneurs in the region.
Details of the Fraudulent Scheme
According to the First Information Report (FIR), the 58-year-old complainant, who operates an engineering machinery trading firm from his residence in the Shahibaug area, was seeking funds in April 2025 to expand his business operations. During discussions with acquaintances, he was introduced to an individual claiming to facilitate business loans through a company based in the Thaltej area.
The accused allegedly assured the businessman that a loan of Rs 6 crore could be arranged through their firm and demanded a commission for processing the loan. Trusting these claims, the complainant initially transferred Rs 7 lakh online as part of the commission. Police reports indicate that the accused later requested additional payments under the pretext of loan processing charges and further commissions.
Escalation of Payments and Failed Promises
Over the subsequent weeks, the businessman transferred several amounts online and also handed over cash, with the total payment reaching Rs 76.98 lakh. Despite repeated assurances from the accused that the loan process was underway, the promised funds were never credited to the businessman's bank account.
In a deceptive move, the accused sent a PDF message claiming that the money had been transferred, but the complainant later discovered that no such amount was received. When he demanded a refund, the accused issued cheques worth the total amount taken. However, both cheques were returned by the bank due to insufficient funds, further exacerbating the victim's financial loss.
Police Investigation and Evidence Collection
Upon realizing he had been cheated, the businessman approached the Vastrapur police, who registered a case of cheating and breach of trust against the accused persons. Officials stated that the complainant submitted extensive documentation as evidence, including:
- Bank statements detailing the transactions
- Copies of the bounced cheques
- Email correspondence and chat records
- Other relevant financial documents
Further investigation is currently underway to identify and apprehend the accused individuals. Police noted that preliminary enquiries revealed others in the market had also raised doubts about the activities of the accused, suggesting a potential pattern of similar frauds.
This case underscores the risks associated with unverified loan offers and the importance of due diligence in financial transactions. Authorities urge businesses to verify credentials through official channels before engaging in such agreements.
