The city police arrested 30-year-old Narendra Kumar Yadav, a former finance company employee from Govindgarh, for orchestrating a loan scam involving the embezzlement of Rs 11.40 lakh. The case was registered on March 2 at Jalupura police station following a complaint by company officials.
According to Additional DCP (North) Bajrang Singh Shekhawat, Yadav, alongside agent Naresh Kumar Verma and others, defrauded the company and its loan holders before absconding. While working as a field agent, Yadav facilitated loan disbursals to about 24–25 clients, often persuading them to take loans exceeding their financial needs.
Yadav convinced many borrowers to return up to 70% of their loan amount as a “refund,” which he then misappropriated for personal gain. The company’s audit uncovered forged paperwork, inflated loan amounts, and unauthorized fund diversions, prompting a technical investigation that led to Yadav’s arrest.
Preliminary inquiries suggest some loan holders knowingly participated by accepting inflated loans and returning partial sums to the accused. These individuals are now under investigation as well.
Police continue to trace other suspects and investigate whether additional employees or agents were involved. Officials are also probing why borrowers agreed to return large portions of loans, hinting at possible under-the-table arrangements.
