Mumbai: A Borivali-based businesswoman was duped of ₹28 lakh by two fraud loan agents who lured her into giving a loan of ₹4 crore for a business venture. The Malad police on Sunday booked the two accused, identified as Chandrakant Gaikwad and Pradeep Mishra.

According to the officials, the complainant woman lives with her husband in Gorai in Borivali and has a stationery business with her husband. The woman had taken a loan of around 2.5 crore from several banks for business purposes and to buy a flat. To repay this loan, as well as for business growth, she required a loan of ₹70 lakh for which she had applied in banks; however, due to her current loans, she was unable to get a new one from banks. This is where the loan frauds saw an opportunity to dupe the woman. She was introduced to the accused Chandrakant Gaikwad by her relatives. Officers said that Chandrakant took her documents for a loan, promising to get her a loan from a private finance company. He then told the complainant that her loan was sanctioned and told her to get a private bank cheque.

They had agreed to pay him an 8% commission after the loan was sanctioned. After that, Chandrakant along with his colleague Pradeep Mishra started demanding money from him on various grounds, including processing fees, and insurance. In order to convince them, he sent the check of loan approval to them on WhatsApp. Trusting the two, the woman gave ₹28 lakh to them. But this loan amount was not deposited in the bank account as they had promised. As soon as the businesswoman realized that she was being cheated, she registered a case against the duo at the Malad police station.

After verifying this complaint, the police registered a case against Chandrakant Gaikwad and Pradeep Mishra for embezzling the money taken for the loan by sending bogus sanction letters. “We have booked the two for cheating under section 420 (cheating) of the Indian Penal Code and are investigating the matter,” said a police officer from Malad police station.