Two arrested for loan fraud, their woman partner still at large

Two men have been arrested for cheating several persons of lakhs of rupees on the pretext of granting loans against insurance policies and huge returns on expired insurance policies. The alleged fraudsters used tele-calling to lure potential victims. A woman accomplice, yet to be nabbed, was the one calling the customers and selling them the fake plans.

The fraud came to police’s notice a few days ago when a Delhi resident Shiv Kumar Singhal approached police with a complaint.

Singhal had received a phone call from a woman who induced him to take loan against his insurance policy. Singhal was asked to deposit 10 per cent of the loan amount in advance.
The woman called him again and introduced him to another person Rohan who assured that he would be granted the loan of Rs 3 lakh.

Singhal was provided the details of an account with Bank of Baroda and asked to deposit Rs 30,000.

Singhal’s suspicion was aroused when some days later he was again asked to deposit a further Rs 40,000 as TDS amount. He refused to deposit anymore money and instead approached police at Neb Sarai.

Intelligence was developed and police soon had Rohan in their net. He was later revealed to be Adarsh Yadav who was operating with a fake name, police said on Tuesday.

During interrogation, he revealed the name of the company as Pinnakle India Consultant Pvt Ltd whose managing director was one Shahnawaz who was arrested at Rohan’s instance.
Over a dozen SIM cards and three mobile phones, allegedly used for the fraud, were recovered from Shahnawaz.

The arrested men revealed that their employees would randomly call up customers and induce them to deposit money as advance or first instalment in lieu of the loan on insurance policy.