The Detection of Crime Branch (DCB) in Vadodara has taken legal action against a woman and her son, accusing them of orchestrating a sophisticated financial fraud. The case revolves around their alleged promise to secure a massive Rs 300 crore loan for a Mumbai-based businessman, a promise they failed to deliver after collecting a substantial commission.
The Promise of a Massive Business Loan
According to police officials, the complainant, Narendra Shah, was in urgent need of significant capital in 2021. His plan was to establish a new industrial plant, which required a large infusion of funds. During his search for financial assistance, Shah was introduced to the primary accused, Nayna Mahida, and her son, Aakash, at their financial services office located in Vadodara.
The mother-son duo confidently assured Shah that they could arrange a loan matching his exact requirement of Rs 300 crore. To facilitate this enormous financial transaction, they demanded a commission fee upfront.
The Alleged Deception and Advance Payment
The accused individuals reportedly asked for a commission of Rs 30 lakh for their services. Given the urgency of his business needs, Narendra Shah agreed to their terms. The accused collected all his necessary financial and business documents to process the loan application.
Subsequently, they secured an advance payment of Rs 25 lakh from Shah. They provided him with continuous assurances, stating that the loan approval was imminent and would be finalized at the earliest possible date.
Three Years of False Assurances and Eventual Exposure
For the next three years, Shah remained in regular contact with Nayna and Aakash, repeatedly inquiring about the status of the promised Rs 300 crore loan. Throughout this prolonged period, the accused maintained that the process was ongoing and encouraged him to be patient.
The situation reached a critical point in December 2024. The accused finally informed Shah that the loan had not been approved by the lenders. This revelation prompted the businessman to immediately demand a full refund of his advance commission payment.
In response, the accused returned only Rs 2.50 lakh to Shah in a few separate instalments several months ago. Following this partial refund, they completely ceased all communication. They stopped answering his phone calls and messages, leaving a significant amount of money unpaid.
Frustrated and cheated, Narendra Shah then approached the Vadodara Crime Branch and filed a formal complaint. His complaint alleges cheating to the tune of Rs 22.50 lakh against Nayna Mahida and her son Aakash.
A Repeat Offender and Broader Pattern
Police investigations have revealed a concerning pattern. This is not the first cheating case registered against the main accused, Nayna Mahida. Authorities confirmed that this marks the second such case filed against her.
In fact, the Crime Branch had arrested Nayna just four days ago in connection with a separate and unrelated fraud case. In that previous instance, she faces allegations of cheating another individual of crores of rupees by promising to provide gold at significantly cheaper rates.
The DCB is now investigating both cases to uncover the full extent of the alleged fraudulent activities conducted by the accused.
