Interior decorator in Thane duped of Rs 97 lakh in loan fraud

Thane: Police have registered a case against four persons for allegedly cheating an interior decorator here of Rs 97.75 lakh under the pretext of arranging a business loan through CSR funds, officials said on Tuesday.

The accused lured the 45-year-old victim, living in the Badlapur area of Maharashtra's Thane district, by promising him a business loan of Rs 2.75 crore from funds under the Corporate Social Responsibility (CSR).

Gaining his trust, the accused demanded that he deposit a bank guarantee amount. Believing their assurances, the victim paid them Rs 99.25 lakh, a Badlapur police official said.

Out of this, only Rs 1.5 lakh was later returned, while the remaining Rs 97.75 lakh was allegedly siphoned off without any loan being sanctioned, he said.

The victim approached the police with a complaint on Monday.

After preliminary enquiries, police registered a case against four persons under relevant legal provisions, and efforts were on to trace them, the official said.