Gurugram garment company owner lost Rs 2.45 cr in 2023 loan fraud, 1 arrested from Hyderabad

Gurugram, Jan 2 (PTI) A group of men posing as financiers allegedly cheated Rs 2.45 crore from the owner of Gurugram-based garment company by promising to offer a low-interest loan, officials said on Friday.

The Economic Offences Wing of the (EOW) of Gurugram Police arrested one of the suspects from Kompally in Telangana, over two years after the fraud.

The garment company owner was asked for an advanced interest payment for a Rs 40 crore loan he was seeking. The three men fled after taking the amount, they said.

According to the complaint filed by the owner of Orient Craft Sweaters Limited, he was seeking a loan at a low interest rate due to financial difficulties.

On May 25, 2023, he received a call from a person who identified as Tarun Manchanda. He claimed to be associated with Vikram, a Haryana-based financier, and Nitin Garg, a Hyderabad-based financier.

Two days later, the three of them reached his office and promised to secure a loan of up to Rs 100 crore at a 6 per cent interest rate. The victim was asked for his bank statements, buyer projections and other documents, which he provided on May 28, the complainant said.

"After this, I was asked to come to Hyderabad for a meeting and I went with Nitin and Vikram to Hyderabad on May 31, 2023. There, Nitin and Vikram arranged a meeting with a man named Srinivas Kandola, who impressed me by showing loan agreements worth up to Rs 1,000 crores and offered me two types of loans. "One loan was said to be a short-term loan of Rs 2.5 crore and the other a long-term loan of Rs 40 crore at an interest rate of 6 per cent for five to seven years. They laid down a condition that for a loan of Rs 40 crore, Rs 2.5 crore would have to be deposited as advance interest," the company's owner said in his complaint.

The fraudsters then allegedly transferred Rs 2.25 crores to the bank account of the company owner, which strengthened his trust.

"On June 15, 2023, during a meeting at a hotel in Hyderabad, as per the agreement, I transferred Rs 4.70 crore to their bank accounts... After the money was transferred, they left the meeting spot, promising to have Rs 40 crore in my bank account within 15 minutes.

The complainant said he realised he was duped and approached the police.

The EOW of Gurugram Police investigated the matter and on Tuesday (December 30, 2025), one accused was arrested from Kompally in Telangana.

During interrogation, the man identified as Vennam Raju revealed that he worked in finance with Srinivas and allegedly congessed to the fraud.

Raju said that he received Rs 50 lakh out of the defrauded amount as his share, a Gurugram spokesperson said. PTI COR SKY SKY