Fraud financier promises Rs 400cr loan to relatives,extracts Rs 12 cr from them

Fraud financier promises Rs 400cr loan to relatives,extracts Rs 12 cr from them

A man has been arrested for duping his businessmen relatives of Rs 12 crore on the pretext of providing a corporate loan of Rs 400 crore, police said on Friday.

Sanjay Sharma, who hails from Udaipur in Rajasthan, was nabbed on a complaint filed by his relative Naresh Kumar Sharma, director of Gujarat-based Balaji Group. 

The group has been facing financial difficulties for the past few years. Naresh Sharma claims to have made a payment of Rs 12.07 crore as “processing fee”, but no loan was provided.

According to police, Sanjay and another relative Saket had approached Naresh’s brother Ramesh with a loan offer. They claimed that their company Delta Finlease provided loans of over Rs 100 crore.

“Sanjay and Saket told Naresh that they can get finance arranged for Balaji Group against mortgage of properties through Thailand-based Global Financial Corporation,” said Mangesh Kashyap, Deputy Commissioner of Police (Economic Offences Wing).

Sanjay also arranged a meeting between Naresh and representatives of ‘Global Financial Corporation’. One of the ‘representatives’, David Welham, claimed to be a British national settled in Bangkok. David also carried an HDFC Bank statement which showed a balance of Rs 1,000 crore.

“Naresh paid the processing fee, but did not receive any loan. On Thursday, Sanjay was arrested in Udaipur,” Kashyap said.

An initial probe has revealed that Sanjay is also wanted in cases filed in Mumbai, Pune, Rewari in Haryana and Jaipur in Rajasthan. Sanjay claimed to be Global Financial Corporation’s financier in India and used to organise meetings with accomplices in five-star hotels.

Sanjay, who did BCom from University of Mumbai, was unemployed for the past 10 years. But he lived a lavish lifestyle and maintained bungalows and cars.

Sanjay told police that he had also placed advertisements in leading newspapers, offering loans and bank guarantees. He also ran a firm named SS Capital and Financial Services with an office at south Delhi’s Khanpur.

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