Loan fraud held in south Delhi

A failed businessman has been arrested from south Delhi for cheating people on the pretext of providing bank loans at low interest rates, police said on Wednesday.

Vishal Shera alias Rajeev, a resident of Munirka village, was held after Rajpal Singh, of Kusumpur Pahari, approached Vasant Vihar police station. Rajpal complained that he was duped by a financier named Rajeev when he was looking for a bank loan to purchase a motorcycle.

“Rajpal had met Rajeev at a Bajaj showroom in Adchini, where he was assured that he could be helped for receiving a loan at a low interest rate,” said Chhaya Sharma, deputy commissioner of police (south).

“On this, Rajpal gave him Rs 23,000 and 12 blank cheques. The complainant, however, found himself being cheated when he came to know that no financier named Rajeev worked with the showroom,” she added.

On the other hand, the cheater’s plan was busted when Rajpal spotted him at Govardhan Restaurant in Aurobindo Marg and informed police. He was immediately apprehended and was identified as Vishal Shera.

“We recovered Rs 13,000 in cash, 12 cheques provided by the complainant and other discriminatory documents at Vishal’s instance,” Sharma said.

Vishal told police that he used to run a business of readymade garments, but due to heavy losses, he had to shut it down. In order to overcome financial losses and to earn quick money, he purchased jewellery worth Rs 1.26 lakh from a jewellery shop at Chankyapuri in August last year.

But, he gave a fake cheque to pay for the jewellery due to which he was arrested and jailed. After being released from jail, he started tracking people who were in need of a loan to buy two and four wheelers, He then introduced himself as a representative of some bank or financier.

“He used to take around Rs 10,000 to 15,000 on the pretext of processing fee and signed post dated cheques from the victim and then become untraceable,” Sharma added.

Police said he had cheated two more people. “Investigation is at initial stage, we expect to receive more complaints,” Sharma said.