A businessman from Airoli, Navi Mumbai, was allegedly duped of Rs1.25 crore by four individuals who promised to arrange high-value business loans, police said on Monday.
According to the 78-year-old complainant, who owns a machine tools company in the Rabale MIDC area, the accused approached him between December 2023 and March 2025. They assured him they could secure loans of Rs100 crore and Rs200 crore.
To gain his trust, the accused fabricated demand drafts and cheques from three different banks, using forged signatures and counterfeit bank seals. These were presented as proof of sanctioned funds, and the victim was convinced to transfer Rs1.25 crore to various bank accounts as “processing and administrative fees.”
However, the promised loans never materialized.
Based on the businessman’s complaint, Navi Mumbai Police registered a case under sections 316(5) (criminal breach of trust), 318(3) (cheating), and other relevant provisions of the Bharatiya Nyaya Sanhita.
The four accused named in the FIR are:
Dhanesh Deshmukh (44)
Pramila Lad (65)
Prashant alias Raju Pillai
Pushpa Gupte
As of now, no arrests have been made, and further investigation is ongoing.
