In a recent crackdown, a Chennai-based gang was apprehended for orchestrating a massive fraud that victimized a Mumbai businessman, Manoj Poddar, cheating him out of ₹1 crore. The deception involved the gang deceitfully promising a loan of ₹20 crore to Poddar, enticing him with favorable terms. The Mumbai Police’s Crime Branch, specifically the anti-extortion cell, played a crucial role in uncovering the fraudulent activities of this gang.

The gang, consisting of several individuals operating out of Chennai, had set up an elaborate scheme that spanned the length and breadth of India, targeting unsuspecting businessmen with the lure of easy and substantial loans. They used sophisticated means to appear legitimate and trustworthy, which included well-crafted documentation and fake financial institution backing.

This case came to light when Manoj Poddar, realizing that the promised loan was not forthcoming and his initial payment had been misappropriated, approached the authorities. The investigation revealed that Poddar was not the only victim; there were multiple business owners across different states who had fallen prey to this scam.

The arrest of these culprits has exposed a significant ring of financial fraudsters who exploited the economic aspirations of business individuals looking for financial growth opportunities. The police are currently investigating the full extent of this scam, hoping to unearth more about the gang’s operations and possibly identify other victims who might have been duped by similar false promises. The swift action by the anti-extortion cell underscores the diligence of the Mumbai Police in tackling such sophisticated financial crimes.