Loan Scam Unravels: Financiers Defraud Gurugram Businessman

A Gurugram-based garment company owner was allegedly defrauded Rs 2.45 crore by a group posing as financiers. They promised a Rs 40 crore loan at a low interest rate, collected advance interest, and then disappeared. The police arrested one suspect in Telangana, revealing a widespread financial scam.

A Gurugram-based garment company owner finds himself at the center of a major financial con after being allegedly defrauded of Rs 2.45 crore by men posing as financiers. Officials disclosed the scheme involved promises of a low-interest loan of Rs 40 crore to lure the victim.

The Economic Offences Wing (EOW) of the Gurugram police managed to track and arrest one of the suspects, Vennam Raju, from Kompally, Telangana, over two years after the fraud unfolded. The garment company owner, in financial distress, had initially sought a loan at better rates.

The scam came to light when the victim filed a complaint detailing how he was tricked into paying Rs 4.70 crore as advance interest after meeting with the fraudsters. Believing the promise of securing the loan, he realized the deceit only after the accused vanished, prompting him to approach the police.

(With inputs from agencies.)