Ahmedabad Jeweller Defrauded of Over Rs 62 Lakh in Complex Loan Scam
In a shocking case of financial fraud, a jeweller from Ratanpol in Ahmedabad has been allegedly cheated of more than Rs 62 lakh after being promised a substantial business loan. According to an FIR filed with Ellisbridge police on Thursday, the complainant, a resident of Gota, fell victim to an elaborate scam orchestrated by loan facilitators.
Initial Contact and False Promises
The complainant stated that he required Rs 4 crore for business expansion and met the accused in April 2024 at Ellisbridge. The accused promised to arrange a loan of Rs 8 crore, demanding a commission of 7% to 8% payable in advance. Initially, the jeweller paid Rs 2 lakh in cash through instalments as part of this agreement.
Small Loans and Escalating Demands
On April 17, 2024, the accused assisted the jeweller in securing a Rs 25 lakh loan from Indian Bank, for which he received Rs 1 lakh as commission. Subsequently, between April and May 2024, smaller loans totalling Rs 60.54 lakh were sanctioned from various banks and finance companies. However, the accused and his associate then assured the jeweller of larger loans from Karnataka Bank, Tamilnad Mercantile Bank, and Union Bank.
Massive Cash Collections Under False Pretences
Under the pretext of opening accounts, completing insurance formalities, and making payments to bank officials, the duo allegedly collected Rs 51.69 lakh in cash between April 30 and June 1, 2024. Additionally, Rs 10.43 lakh was transferred through various bank accounts belonging to the complainant, his father, and employees. Despite collecting a total of Rs 62.12 lakh, the accused failed to secure the promised loan, leaving the jeweller in significant financial distress.
Police Action and Investigation
Ellisbridge police have registered a case of cheating and criminal breach of trust based on the FIR. Authorities have initiated a thorough investigation into the matter to apprehend the accused and recover the defrauded funds. This incident highlights the risks associated with unverified loan facilitators and underscores the importance of due diligence in financial transactions.
Key Details of the Scam:
- Total Amount Defrauded: Rs 62.12 lakh
- Primary Method: Cash collections and bank transfers under false pretences
- Timeframe: April to June 2024
- Legal Charges: Cheating and criminal breach of trust
The case serves as a cautionary tale for business owners seeking loans, urging them to verify the credentials of intermediaries and avoid advance payments without proper documentation. Police are advising the public to report similar incidents to prevent further such scams in Ahmedabad and surrounding areas.
