Mumbai Fraud Alert: Elderly Businessman Loses ₹1.1 Cr in Fake Loan Scam

Mumbai, India: A 70-year-old businessman from Andheri lost ₹1.1 crore in a cyber fraud while attempting to secure a ₹10 crore loan at a low-interest rate. The fraud, which spanned nearly a year, involved 68 transactions before the victim realized he had been duped.

The scam began on October 28, 2023, when the victim received a call from Anil Yadav, posing as an executive from a Delhi-based financial institution. Yadav lured him into purchasing a health insurance policy as a prerequisite for the loan. Later, another fraudster, Mayank Gupta, claimed the loan could be processed through Bengaluru at a lower commission but required additional payments due to "file errors."

To make the scam appear genuine, the fraudsters sent fake official documents like return demand drafts, bank settlement charges, and NOCs. The businessman was also introduced to a fake general manager who reassured him that the loan would be disbursed soon. Over the months, the scammers extracted money under various pretexts, totaling ₹1.14 crore.

After realizing he had been cheated, the victim approached the cyber police, who have now launched an investigation to track the fraudsters through financial transactions and call records. Authorities warn the public to be cautious of too-good-to-be-true loan offers and verify financial institutions before making payments.