In a significant development in the fraud case involving a 55-year-old businessman from Powai, the police have arrested Rajashekhar Subbiah, also known as Rajan, who is suspected to be the main accused. The businessman, who runs an electronics business, was duped of Rs. 2 crore last year while seeking a financial loan of Rs. 150 crore for business expansion.
The case first came to light in April last year when the complainant approached the police, alleging fraud. According to the police, the businessman had been seeking a substantial loan to facilitate the expansion of his electronics business. During this process, he was introduced to Suresh Naidu from Navi Mumbai, who claimed to have connections that could help secure the loan easily.
Naidu introduced the businessman to Sundar and Subramanium, who further convinced him of their ability to facilitate the loan. As the discussions progressed, more individuals got involved, including the recently arrested Rajan, whom the complainant primarily met in Tamil Nadu. Rajan allegedly demanded Rs. 3 crore as a registration fee, claiming it was a mandatory payment to the Kerala government to process the loan.
Despite multiple trips to Kerala and Tamil Nadu and the payment of Rs. 3 crore, the complainant received no further communication from the group. His calls and requests for meetings were consistently ignored. Under pressure from the complainant's friend, the group eventually refunded Rs. 1 crore, but the businessman, having lost hope of recovering the remaining amount, approached the police.
The police registered a case and included eight names as the accused in the First Information Report (FIR). In February, police arrested Thomas Madura, Sethuraj Ashirvadam, and Shanmugasundaram Andiyyappan in connection with the case. The investigation revealed that the accused had orchestrated a well-planned scheme to defraud the businessman by promising him a loan that never materialized.
With the recent arrest of Rajan, the police are continuing their investigation to apprehend the remaining suspects. Rajan has been remanded to police custody for further questioning. According to police officials, his name will be added to a supplementary chargesheet, as the previous chargesheet had already been submitted to the court following the initial arrests.
This case has highlighted the increasing prevalence of financial frauds targeting business owners seeking large loans. The police have urged individuals to exercise caution and verify the credentials of anyone offering loan assistance. They also emphasized the importance of reporting such frauds promptly to prevent others from falling victim to similar schemes.
The complainant, who had hoped to expand his business with the loan, now faces the challenge of recovering his lost funds. His ordeal serves as a cautionary tale for other business owners to be vigilant and skeptical of offers that seem too good to be true.
The Powai police remain committed to bringing all the accused to justice and ensuring that such fraudulent activities are curtailed. They have assured the public that they will continue to pursue the investigation diligently and seek the cooperation of anyone who might have additional information about the case.
As the investigation progresses, the police hope to uncover more details about the fraudulent network and prevent future incidents of similar nature. The arrest of Rajan marks a crucial step in the ongoing efforts to dismantle the group responsible for defrauding the Powai businessman.