The Kandivali Police have arrested a man for allegedly cheating a freelance professional of over Rs69 lakh by luring him with the promise of a multi-crore loan against pledged shares for a new business venture. The accused has been identified as Jatin Kumar Unadkat, who is currently in police custody. His sister, Sangeeta Unadkat, named as a co-accused, is absconding, police said.
The complainant, Premkumar Verma, a resident of Virar, works as a freelancer and had earlier been employed with a direct sales agency from 2017 to 2023, assisting clients in securing personal loans from multinational banks. Around two years ago, Verma had helped Sangeeta Unadkat obtain a Rs25 lakh loan, during which she introduced him to her brother Jatin, claiming he was involved in share trading and bulk dealing.
In January 2024, after Verma quit his job and began exploring new opportunities, the siblings allegedly called him for a meeting near Sarovar Hotel in Kandivali. According to reports, they claimed to be planning a boom lift business, requiring an investment of Rs3.5 crore, and told Verma that an initial funding of Rs90 lakh was urgently needed. Jatin assured Verma that shares would be transferred in his name and that a loan would be raised against those shares.
Trusting their assurances, Verma sold his flat in Virar for Rs86 lakh. Between July and August 2024, he paid approximately Rs81 lakh to Jatin Unadkat in installments for the transfer of shares and facilitation of the promised loan. An agreement was also executed stating that the shares would be transferred and pledged to obtain bank finance. Verma subsequently opened a demat account and shared its credentials with Jatin to enable the process.
However, despite being shown screenshots of shares and a loan sanction letter of Rs2.80 crore from a private finance company, no loan amount was credited to Verma’s bank account. Upon independently verifying with the finance company and the bank, Verma discovered that no shares had been pledged and that the stocks visible in his demat account were demo or virtual shares used for practice trading.
When confronted, the accused allegedly avoided giving clear explanations. A security cheque issued by the siblings was later dishonoured, and only Rs1.77 lakh was repaid, leaving Rs69.18 lakh misappropriated.
Based on Verma’s complaint, the Kandivali Police registered a case for cheating and criminal breach of trust and arrested Jatin Kumar Unadkat on January 7. Efforts are underway to trace the absconding co-accused and to ascertain whether the siblings were involved in similar frauds targeting other victims.
