Mumbai Businessman duped if Rs.74 lakh on pretext of securing loan

In a shocking case of financial fraud, a Mumbai-based businessman was allegedly cheated of ₹74 lakh on the pretext of securing a ₹25 crore loan. 

The accused not only duped the victim but also allegedly threatened him with dire consequences when he sought a refund. The MRA Marg Police Station has registered a case and initiated an investigation.

The complaint was filed by finance consultant Ravi Sankunni Menon, who revealed that his associate, businessman Krishnakumar Agarwal, engaged in the tiles manufacturing business was in need of substantial funds in 2024 for business expansion.

Menon introduced Agarwal to alleged financiers Rajesh Kedari and Ravi Kumar, who promised to arrange a loan of up to ₹25 crore. According to the complaint, Agarwal was called to Hyderabad on May 27, 2024, where the accused allegedly executed a well-planned scheme to win his trust. At a resort and an apartment, they reportedly displayed trunks filled with cash to create the impression of financial capability.

Following this, the accused began demanding money under the guise of loan processing charges and advance interest. To establish credibility, they initially transferred ₹89 lakh into Agarwal’s account. However, they subsequently persuaded him to transfer large sums under various pretexts.

In total, transactions worth approximately ₹1.65 crore were carried out, of which ₹74 lakh is believed to have been siphoned off. The funds were allegedly routed to multiple bank accounts linked to the accused and their associates.

The investigation has also revealed the involvement of two other individuals, identified as Dinesh and Venkat Rao. 
The accused allegedly got Agarwal to sign loan agreements and promissory notes on ₹100 stamp paper. 

Later, under the pretext of obtaining signatures from financiers, they took the documents and disappeared.
Despite repeated follow-ups, neither was the loan sanctioned nor were the documents returned. When Agarwal demanded his money back, the accused allegedly began evading him, eventually refusing repayment and demanding an additional ₹26 lakh. They also allegedly issued threats over the phone, warning of serious consequences if pressure for repayment continued.

Police officials said further investigation is underway to trace the accused and recover the defrauded amount.