The Gurugram Police have arrested a man from Telangana for allegedly defrauding a Gurugram-based garment company owner of Rs2.45 crore under the pretext of offering a loan.
The accused, Vennam Raju, a resident of Kompally in Malkangiri district, Telangana, was apprehended on December 30 following an investigation by the Economic Offence Wing (EOW). Police spokesperson Sandeep Kumar said Raju was being interrogated to trace other possible accomplices.
According to the complaint filed by the owner of Orient Craft Sweaters Limited, he was seeking a low-interest loan due to financial difficulties. On May 25, 2023, he received a call from Tarun Manchanda, claiming association with Haryana-based financier Vikram and Hyderabad-based Nitin Garg.
Two days later, the financiers visited his office and promised a loan of up to Rs100 crore at six per cent interest per annum. The victim provided bank statements, buyer projections, and other financial documents on May 28.
The complaint states that during a visit to Hyderabad on May 31, he met Srinivas Kandola, who displayed loan agreements worth up to Rs1,000 crore. Two loan options were offered: Rs2.5 crore or Rs40 crore, with the condition that Rs2.5 crore would be paid as advance interest for the larger loan.
Initially, Rs2.25 crore was transferred to the company owner’s account on June 6, creating a false sense of security. On June 15, the victim transferred Rs4.70 crore to the accounts of the financiers via RTGS, expecting Rs40 crore to be credited within minutes. The accused, however, disappeared with the money, and the loan was never disbursed.
Following the complaint, the EOW registered an FIR at Sadar Police Station and investigated the matter, ultimately leading to the arrest of Raju in Telangana.
Further investigation is ongoing to determine whether other accomplices were involved in the elaborate loan fraud.
