Ahmedabad Businessman Defrauded of Rs 73 Lakh in Elaborate Loan Scam
In a significant case of financial fraud, an Ahmedabad-based businessman has been allegedly cheated of Rs 73 lakh by a couple from Rajkot. The elaborate scam unfolded over four years under the false pretext of securing a substantial Rs 5 crore business loan through a cooperative credit society.
Police Register Case After Victim's Wife Files Complaint
The Detection of Crime Branch (DCB) police in Ahmedabad registered a formal case on Tuesday following a detailed complaint filed by the victim's wife. She operates a tuition class from their residence in the Isanpur area of Ahmedabad. According to her complaint, the Rajkot couple systematically extracted money from her husband between May 2021 and May 2025, citing various charges including loan processing fees, membership costs, and other administrative formalities.
Despite these substantial payments totaling Rs 73 lakh, the promised Rs 5 crore loan was never sanctioned or disbursed to the businessman.
How the Fraudulent Scheme Unfolded
Police investigations reveal that the victim, who trades in raw materials used for ceramics, had recently started an export venture and was seeking funds to expand his business operations. An associate allegedly introduced him to a person from Rajkot who claimed to operate a cooperative credit society and could arrange the necessary financing.
The Rajkot man visited the businessman's Ahmedabad residence personally, presenting himself as capable of arranging the Rs 5 crore loan. Trusting these assurances, the businessman began making payments:
- Rs 31 lakh was transferred to bank accounts linked to the Rajkot man, his wife, and another associate between May 2021 and May 2025 for loan processing expenses and membership formalities.
- An additional Rs 42 lakh was allegedly paid in cash during the same period through various transactions.
The Unraveling of the Scam
After years of payments and repeated follow-ups, the loan remained elusive. When the businessman finally demanded his money back, the Rajkot man allegedly began avoiding all communication attempts. According to the complaint, when contact was eventually reestablished, the accused shockingly admitted that he didn't actually run any credit society and that all the money had already been spent.
This revelation prompted the victim's family to approach law enforcement authorities. They have formally lodged a complaint alleging serious offenses including cheating and criminal breach of trust against all individuals involved in the fraudulent transaction.
Ongoing Police Investigation
The Ahmedabad DCB police are actively investigating the case, examining financial transactions, bank records, and communication trails between the parties. The case highlights the risks businesses face when seeking financing through unofficial channels and serves as a cautionary tale about verifying credentials before committing substantial funds to financial arrangements.
