Navi Mumbai man cheated of Rs 1.35 cr in loan fraud; four booked

Thane, Aug 22 (PTI) A tax consultant from Navi Mumbai was allegedly cheated of Rs 1.35 crore by four persons who assured to arrange a loan for him for a construction project, police said on Friday.

Based on a complaint, the Thane police have registered a case against four persons under section 420 (cheating) of the Indian Penal Code for the offence that took place over a period of seven years, an official said.

The 33-year-old complainant had purchased land in Nagla village, Vasai taluka in Palghar district to set up his firm, and he was trying to arrange a loan for this through a company in January 2019.

"The complainant was asked to sign an agreement for processing the loan. The accused collected a processing fee of Rs 1.35 crore in the first instalment from the complainant's company," the official said.

He said that the accused allegedly didn't send a team to inspect and study the project site or sanction the promised loan.

They also failed to return the processing fee, he added.

The official said that the police are verifying documents and financial transactions, and no arrests have been made. PTI COR ARU