Mumbai: Bangur Nagar Police nab loan fraudster

Representative image

The Bangur Nagar police have arrested a loan fraudster accused of cheating a man by promising instant loans through social media. Rajesh Ramkishore Panda, 46, was apprehended in Bhayander East. It has been alleged that he contacted a 49-year-old man who needed a loan. Panda allegedly gained confidence and collected two EMIs of the loan amount as advance payments along with various charges, including loan processing fees. After receiving the money, Panda ceased communication. Realising that he had been cheated, the victim approached the police last week. Two days later, the police arrested Panda.

"Rajesh Ramkishore Panda, a resident of Bhayander East, is accused of cheating people by promising instant loans through social media. Panda, who has a wife and two children, claims to work multiple jobs, including selling vegetables, real estate brokerage, and arranging loans from private financiers. He asserts that his household expenses are covered by the commissions he earns," said a Bangur Nagar police officer.

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The 49-year-old victim has been unemployed since the COVID-19 pandemic and was meeting his household expenses with his savings. He saw an advertisement for instant loans on social media and contacted the provided number seeking Rs 10 lakh. After getting in touch with Panda, the victim paid about Rs 1.3 lakh to Panda, apparently which included two months' EMI of the loan as advance payment, as well as various processing fees.

When the loan amount was not credited to his account the next day, the victim tried to contact Panda but found that his phone was switched off. Realizing he had been cheated, the victim filed a report with the Bangur Nagar police station, said an officer.

Under the guidance of deputy commissioner of police Anand Bhoite, senior police inspector Pramod Tawde ordered an investigation. Assistant police inspector Vivek Tambe and Rahul Bhadrage, with the help of their staff, raided Panda's house on Friday but did not find him. However, using technical analysis, they traced and arrested Panda from Mira Road on Friday evening. Panda was produced before the court and was remanded in police custody till July 16, the officer added.

Rs 1.3 lakh

The sum lost by the victim

Quote

‘Rajesh Ramkishore Panda, a resident of Bhayander East, is accused of cheating people by promising instant loans through social media'

An officer, Bangur Nagar police station