Rajkot Businessman Files Police Complaint Over Alleged Rs 25 Lakh Loan Fraud
A 54-year-old businessman has filed a formal complaint at the Gandhigram-2 police station in Rajkot, accusing a man from Jasdan and employees of a financial company of serious financial crimes including cheating and forgery. The complaint alleges that the accused forged his signature to illegally secure a loan amounting to Rs 25 lakh.
Details of the Business Partnership and Its Dissolution
The victim, identified as Bipin Pandya, a businessman hailing from Keshod in Junagadh district, had entered into a business partnership with Akshar, also known as Akshay Chhayani, in August 2021. Together, they initiated a paying guest (PG) hostel venture in Vadodara. As part of the standard business setup, both partners submitted their Aadhaar and PAN cards and executed a formal rental agreement for the premises.
Unfortunately, the business did not succeed, leading the partners to officially terminate their arrangement. In October 2025, they mutually agreed to end the partnership and formally cancelled the rental agreement, believing all ties were severed.
Discovery of the Alleged Fraud
The fraudulent activity came to light unexpectedly on August 14, 2025, when Pandya began receiving automated SMS alerts from a financial company. These messages notified him about loan instalment payments being processed, which immediately raised his suspicions as he had not applied for any loan.
Upon contacting his former partner Chhayani, Pandya was allegedly told that his name had been inadvertently linked as a guarantor due to a clerical error. Chhayani reportedly assured him that the matter would be rectified and his name removed from the loan documents within a few days.
Independent Investigation Reveals Shocking Details
Not satisfied with the explanation, Pandya decided to conduct his own investigation. He visited the financial company's branch in Ahmedabad to inquire about the loan in question. His investigation uncovered that Chhayani, along with family members, had obtained top-up loans totaling Rs 25 lakh.
Further scrutiny revealed a more disturbing pattern. According to the complaint, Chhayani and agents of the financial company allegedly misused Pandya's identity documents that had been submitted during their previous business partnership. They are accused of forging his signature on a Rs 300 stamp paper to create a fraudulent "Letter of Guarantee" dated February 28, 2025.
This document effectively made Pandya the guarantor for the substantial loan without his knowledge, consent, or authorization. The forgery allowed the accused to secure the loan under false pretenses, putting Pandya's financial standing at risk.
Legal Action and Police Response
Based on Pandya's detailed complaint, the Gandhigram-2 police station has registered a formal case under relevant sections of the Bharatiya Nyaya Sanhita (BNS). The charges include serious offenses such as cheating, forgery, and criminal conspiracy.
The police investigation is now underway to verify the allegations, examine the forged documents, and determine the extent of the fraud. This case highlights the importance of safeguarding personal documents even after business relationships end and demonstrates how identity theft can lead to significant financial consequences.
