Man arrested for defrauding people on pretext of providing loans

Indore: A man involved in duping multiple people under the pretence of providing loans was arrested. The accused operated his fraudulent business under the name Jai Vinayak Associates from an office in Shiv City, Rajendra Nagar. He lured victims by promising quick and low-processing-fee loans from various banks, ultimately defrauding them of lakhs of rupees. Investigations are being conducted into the possible involvement of bank employees and legal action will be taken against them if found guilty.
Complainants Hargundas Ahuja and Hemant filed grievances during a public hearing, stating that Nitin Vyas defrauded them in the name of providing loans. During the investigation, it was revealed that Nitin Vyas, operating from his office in Shiv City under the name Jai Vinayak Associates, misled Hargundas Ahuja by promising a loan of Rs 4 crore with a low processing fee. He took Rs 8 lakh and personal documents from the victim but neither arranged the loan nor returned the money. Similarly, Hemant, a fruit vendor from Indore, approached Nitin for a loan of Rs 12 lakh. The accused took Rs 1.45 lakh as a processing fee but did not provide the loan or return the money.
Another victim, Mohit Verma, was shown a fake Rs 10 crore fixed deposit certificate by Nitin, who convinced him to lend Rs 8 lakh on the promise of returning it within a week, which he never did. Kranti Ujjaini, another victim from Indore, required a loan of Rs 10 lakh and paid Rs 55,000 in processing fees but Nitin neither arranged the loan nor refunded the amount.
When the victims demanded their money back, the accused kept delaying, refused to return the money and blocked their contact numbers. Based on these complaints, Indore Crime Branch registered a case under sections 318(4) and 316(2) BNS against the accused Nitin Vyas, a resident of Shiv City, Rajendra Nagar, and arrested him. The accused is currently in police custody and further investigations are ongoing.
The police are also probing his network and associates involved in the fraud. Legal action will be taken against them as well, the police said.
Indore: A man involved in duping multiple people under the pretence of providing loans was arrested. The accused operated his fraudulent business under the name Jai Vinayak Associates from an office in Shiv City, Rajendra Nagar. He lured victims by promising quick and low-processing-fee loans from various banks, ultimately defrauding them of lakhs of rupees. Investigations are being conducted into the possible involvement of bank employees and legal action will be taken against them if found guilty.
Complainants Hargundas Ahuja and Hemant filed grievances during a public hearing, stating that Nitin Vyas defrauded them in the name of providing loans. During the investigation, it was revealed that Nitin Vyas, operating from his office in Shiv City under the name Jai Vinayak Associates, misled Hargundas Ahuja by promising a loan of Rs 4 crore with a low processing fee. He took Rs 8 lakh and personal documents from the victim but neither arranged the loan nor returned the money. Similarly, Hemant, a fruit vendor from Indore, approached Nitin for a loan of Rs 12 lakh. The accused took Rs 1.45 lakh as a processing fee but did not provide the loan or return the money.
Another victim, Mohit Verma, was shown a fake Rs 10 crore fixed deposit certificate by Nitin, who convinced him to lend Rs 8 lakh on the promise of returning it within a week, which he never did. Kranti Ujjaini, another victim from Indore, required a loan of Rs 10 lakh and paid Rs 55,000 in processing fees but Nitin neither arranged the loan nor refunded the amount.
When the victims demanded their money back, the accused kept delaying, refused to return the money and blocked their contact numbers. Based on these complaints, Indore Crime Branch registered a case under sections 318(4) and 316(2) BNS against the accused Nitin Vyas, a resident of Shiv City, Rajendra Nagar, and arrested him. The accused is currently in police custody and further investigations are ongoing.
The police are also probing his network and associates involved in the fraud. Legal action will be taken against them as well, the police said.