Businessman swindled of Rs 1.8 cr by loan fraudsters

Hameed Ashraf | NT

Bengaluru: Cases of loan frauds have been mushrooming in the city and many people have been swindled of large sums by smooth-talking fraudsters, who approach them with loans at easy terms. In a fresh case, a resident of Electronic City second phase has filed a cheating complaint against a finance company located in HSR Layout, whose employees went absconding after obtaining Rs 1.8 crore from him.

Manthena Tarun Gandhi is a resident of Raj Green Way residency in Electronic City. His uncle, Krishnan Raju, owns a LPG gas distribution agency in Hyderabad. As per the complaint filed by Manthena and Krishnan, two alleged employees of a finance company in Bengaluru by the name, ‘Future Christ Ventures,’ approached Krishnan in Hyderabad and promised to sanction Rs 100 crore loan on his name. However, they insisted that an initial cash payment of Rs 1.8 crore be made towards three months interest paid in advance before the loan is processed.

The two employees had identified themselves as Vijay Bhaskar Sharma and Narasimha Rao. The duo persuaded Krishnan to procure the loan amount to expand his business and brought him to Bengaluru. At their office in HSR layout, they introduced him to one Kathirvelan, who claimed to be Managing Director of the firm.

Kathirvelan assured Krishnan of full security of his money and claimed that his company has been providing such schemes to international businessmen. Agreeing to the deal, Krishnan paid the firm Rs 1.8 crore in two tranches, using HDFC and Bank of Baroda accounts on December 1, and was assured that he would get the loan amount transferred to him on December 8.

However on Wednesday, Krishnan tried contacting them for the loan disbursement as promised, but to his shock, all the mobile numbers were switched off. He visited their office in HSR Layout, and found it closed.

Realizing that they have been duped, Krishnan and Manthena approached HSR Layout police station and filed a case against all of the accused involved in cheating them. Police have begun their probe to nab the accused.

It may be recalled that a similar case was making rounds during November where a city-based realtor had registered a police complaint against three finance firm employees, who had promised Rs 150 crore loan amount on a condition that a three-month pre interest charges and a commitment amount totalling Rs 5.55 crores had to be paid.