Finance company owner dupes traders over loans

Big fraud

 A 28-year-old man has been arrested for running a finance company in Noida and duping businessmen on the pretext of providing business loans.

Kapil Kannav was held after a Mumbai-based businessman was duped of Rs 30 lakh for a loan of Rs 5 crore, police said on Thursday.

Kapil, who hails from Haryana’s Jhajjar district, had set up Bharti Value in Noida. Police said he was wanted in Navi Mumbai and several complaints are also pending in many states.

The businessman of Mumbai claimed that he was promised a loan of Rs 5 crore and was asked to deposit a processing fee of Rs 30 lakh through cheques. Kapil also demanded money for security deposit, taxation and agent code. “The businessman got trapped and deposited Rs 30 lakh in instalments. However, no loan was provided,” said Joint Commissioner of Delhi Police (Crime) Ravindra Yadav.

A case of cheating was registered with Turbhe MIDC police station in Navi Mumbai. A team of Navi Mumbai police had then contacted Delhi Police Crime Branch for help in tracing the accused.

An initial probe revealed that the firm was shifted from Noida. On Wednesday, specific information was received that Kapil would come to Dwarka in a Toyota Fortuner. A trap was laid and Kapil was arrested.

During interrogation, Kapil told police that he had employed over 20 agents who used to call people and offer holiday packages at cheap rates. Thereafter, they explored the option of providing loans.

“The customers were told to pay with the promise that a part of the amount would be refunded along with the loan amount,” Yadav added. After receiving deposits from several businessmen, Kapil changed the office and stopped responding to customers.

After graduating from Jat College in Rohtak in 2011, Kapil joined B-Security Group and worked in the field of insurance brokerage. He began Bharti Value in May 2014.