Indore Loan Fraud: 40 Victims Duped by Quickright Finance Company, Four Arrested
In a shocking financial scam in Indore, approximately 40 residents have been left counting heavy losses after a finance company, promising instant loans at low interest rates, allegedly vanished overnight with their money. The Vijay Nagar police took swift action, arresting four individuals on Saturday in connection with the fraud, which has exposed vulnerabilities in informal lending practices.
How the Scam Operated: Luring Victims with False Promises
The fraud was orchestrated under the name Quickright Finance Company, operating from an office in Shagun Arcade. According to investigators, the accused targeted residents with enticing offers of loans up to Rs 5 lakh, requiring no guarantor. To secure these loans, victims were instructed to deposit 20 percent of the loan amount as margin money in advance. This requirement was presented as a standard processing fee, and the company issued formal receipts to create a sense of legitimacy, deceiving many into believing the operation was genuine.
Vijay Nagar police station in-charge CB Singh revealed that many victims had arranged the funds by borrowing from relatives, hoping the loans would help them manage critical needs such as medical expenses, business costs, or household debt. The office's location in a commercial complex and the maintenance of formal paperwork further bolstered trust among the victims.
Arrests and Investigation Details
Once substantial sums were collected, the accused abruptly shut down the office and became untraceable. Following multiple complaints from victims who realized they had been cheated, a case was registered. During the investigation, police tracked and arrested the key individuals involved:
- Shivam Tiwari, 33: Identified as the main operator, who previously worked in a microfinance company and allegedly used that experience to design the fraudulent scheme.
- Devendra Golkar, 27: An accomplice in the scam.
- Vinay Nagar, 30: Another associate involved in the operation.
- Mitali Yadav, 21: Worked as the company manager, facilitating the fraud.
All four have been booked under relevant sections of the Bharatiya Nyaya Sanhita (BNS). Police estimate that the group collected around Rs 25 to 30 lakh as advance margin money from the victims.
Victim Testimonies and Police Warnings
One of the complainants shared, "We believed it was genuine because everything looked official. We paid from our savings, thinking the loan would solve our problems." This sentiment echoes among many who were duped by the professional facade of the company.
Police have warned that more victims may come forward as the investigation continues. They urge residents to exercise caution and thoroughly verify the credentials of financial firms before depositing any money. Singh emphasized the importance of due diligence in financial transactions to prevent such scams in the future.
This incident highlights the risks associated with unverified loan offers and serves as a stark reminder for the public to remain vigilant against fraudulent schemes promising quick financial solutions.
