In a significant development, the Gurgaon Police's Economic Offences Wing (EOW) has made its first arrest in a high-value financial fraud case that saw a local garment businessman cheated of a staggering Rs 2.45 crore. The arrest of a 30-year-old MBA graduate from Telangana marks a crucial breakthrough in the investigation, which began over two years ago.
The Elaborate Loan Trap
The victim, identified as the owner of Orient Craft Sweaters Limited, was facing financial challenges in his business when he received an unsolicited phone call on May 25, 2023. The caller, Tarun Manchanda, claimed to have connections with financiers who could arrange large loans at very low interest rates.
This initial contact set the stage for an elaborate con. Just two days later, on May 27, three men visited the businessman's office. They confidently assured him of securing a loan of up to Rs 100 crore at an attractive interest rate of just 6% per annum. To process this, they collected his bank statements and business projections.
A Trip to Hyderabad and the Big Promise
To build further trust and formalize the deal, the victim was persuaded to travel to Hyderabad. On May 31, 2023, he flew down with two of the accused, Vikram (from Haryana) and Nitin Garg (from Hyderabad). There, he was introduced to a key figure, Srinivas Kandola.
Kandola allegedly showcased fake loan agreements worth Rs 1,000 crore to impress the victim. He then presented two options: a short-term loan of Rs 2.5 crore or a long-term loan of Rs 40 crore over 5-7 years at the promised 6% interest. However, there was a major catch for the larger loan. The victim was told he needed to pay Rs 2.5 crore upfront as advance interest.
The Execution of the Fraud
In a clever move to build credibility, the fraudsters first transferred Rs 2.25 crore into the victim's account between June 3 and 6, 2023. This act successfully deepened the victim's trust in their operation.
The final act unfolded on June 15, 2023, at a hotel in Hyderabad. Believing the Rs 40 crore loan was imminent, the businessman transferred Rs 4.70 crore via RTGS to the accounts specified by the group. Moments after the transaction, the accused excused themselves, claiming the sanctioned amount would be credited within 15 minutes. They then vanished, leaving the victim in the lurch.
The victim soon realized he had been deceived and filed a formal complaint. An FIR was registered at the Sadar police station in Gurgaon, and the case was subsequently transferred to the EOW-I unit for a specialized investigation.
The Arrest and Investigation
After intensive technical analysis and intelligence gathering, the EOW team finally nabbed one of the accused, Venam Raju, near Legend College in Kompally, Malkangiri district of Telangana, on December 30, 2025. The 30-year-old, an MBA graduate, was produced before a local court and taken on a four-day transit remand to Gurgaon.
A spokesperson for the Gurgaon Police stated that during preliminary questioning, Raju admitted to partnering with Kandola and others in the finance ruse. The group's modus operandi was to first extend a small, short-term loan to build credibility before dangling the larger Rs 40 crore bait to extract the hefty advance interest payment. Raju received Rs 50 lakh as his share from the cheated amount, which landed in his account.
Next Steps in the Case
Venam Raju is the first accused to be arrested in this complex case. After the transit remand, he will be presented before a court in Gurgaon, where police will seek further custody for interrogation.
The police have outlined clear objectives for the ongoing investigation. During Raju's remand, the EOW aims to identify the remaining absconding accused, recover the defrauded funds, seize crucial documents and digital evidence, and probe any other linked fraud cases that might have been executed using a similar modus operandi.
This arrest serves as a stark warning to businesses and individuals seeking easy credit, especially through unsolicited offers, and highlights the sophisticated methods employed by modern financial fraudsters.
