In a loan scam that duped a 55-year-old businessman from Powai of Rs2 crore, the police have made their fourth arrest in connection with the case. The latest suspect, Rajashekhar Subbiah, alias Rajan, is believed to be the main accused, who lured the victim into a fraudulent scheme under the pretext of securing a Rs150 crore loan to expand his electronics business.
The complainant, a businessman from Powai, had lodged a complaint in April 2023, explaining how he was introduced to a man named Suresh Naidu from Navi Mumbai, who promised to help him secure a substantial loan. Naidu allegedly connected him with Sundar and Subramanium, who further reassured him that they could facilitate the loan easily.
As the fraud progressed, more alleged accomplices got involved, including Rajashekhar Subbiah (alias Rajan), who mostly met the businessman in Tamil Nadu. Rajan demanded an advance fee of Rs3 crore for the loan processing, claiming that the amount would go to the Kerala government as a registration fee.
After making several trips to Kerala and Tamil Nadu, and paying the Rs3 crore fee, the businessman began to realize that he had been scammed. Despite repeated attempts to get in touch with the group, his calls were ignored, and the promised loan never materialized. In the end, after some pressure from the victim’s friend, the group returned Rs1 crore, but the remaining Rs2 crore was never refunded.
