A suspected organized financial fraud involving promises of easy loans, additional income, and improvement of poor CIBIL scores has come to light in Chhattisgarh’s Durg district. More than 100 people have approached the police with complaints in connection with the case registered at Padmanabhpur Police Station, while around 25 to 30 First Information Reports (FIRs) have already been filed. Investigators believe the number of victims may increase as the probe progresses. The main accused, Rishabh Sharma, has surrendered before a court, while efforts are underway to trace his alleged associates.
According to the police, the accused allegedly targeted young individuals with poor CIBIL scores or those in urgent need of money. Victims were reportedly told that electronic goods would be financed in their names and that they would receive cash in return. They were also assured that the accused would pay all monthly Equated Monthly Instalments (EMIs), which would eventually improve their CIBIL scores.
Complainants alleged that the accused collected Aadhaar cards, PAN cards, and other identity documents to purchase expensive electronic products through finance companies in the victims’ names. Investigators claim that once the purchases were completed, the goods were taken into the possession of the accused and his associates, while the loan liabilities and EMI obligations remained in the names of the victims. The complainants said they neither received the financed products nor the promised EMI payments.
The investigation has revealed that expensive mobile phones, household appliances, and other electronic products were allegedly financed through multiple electronics outlets using the victims’ identities. Police are now examining the role of individuals and commercial establishments involved in these transactions and whether there was any level of collusion in the alleged fraud.
Victims have alleged that the accused initially paid EMIs for a few months to gain their confidence. However, the payments were allegedly stopped later. Whenever victims demanded repayment, they were reportedly persuaded to finance additional electronic goods, with assurances that the older EMIs would then be cleared. Investigators suspect this strategy was repeatedly used to encourage victims to take fresh loans while earlier liabilities remained unpaid.
After the EMI payments stopped, recovery agents from finance companies reportedly began visiting the victims’ homes. Several complainants said they faced pressure to clear outstanding dues and were warned of legal action. To avoid being declared loan defaulters and protect their credit history, many claimed they borrowed money from relatives and acquaintances to continue paying the instalments, pushing them into serious financial distress.
Police said the case was first registered nearly two months ago. Following the FIR, the main accused allegedly remained absconding for around 15 days before surrendering before the court on July 24. He is currently being questioned in police custody. Another accused has been booked under relevant provisions of the Bharatiya Nyaya Sanhita (BNS), while one more suspect is still absconding.
During the investigation, police seized several important documents based on the accused’s alleged disclosure statement. These include bank passbooks, cheque books, bank account records, and a large number of invoices related to the purchase of mobile phones and other electronic products. Notices have been issued to seven to eight banks seeking account statements and transaction details to trace the movement of funds and identify the full extent of the alleged network.
Police are currently cross-verifying all complaints to determine the total amount involved in the suspected financial fraud and the exact number of affected victims. Investigators are conducting a forensic examination of bank records, financial transactions, and digital evidence to establish the flow of money and uncover the entire network. Officials said that if the investigation reveals the involvement of additional individuals or entities, appropriate legal action will be taken against them in accordance with the law.
