Bareilly: A case of financial fraud under the pretext of arranging a bank loan has surfaced in Uttar Pradesh’s Bareilly, where a businessman was allegedly cheated of ₹3.55 lakh after being promised a ₹2 crore loan. Following the complaint, a case has been registered against the accused, and an investigation is currently underway. Initial findings suggest that the accused had prior links with banking institutions, which they allegedly exploited to execute the fraud.
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Loan Promise to Gain Trust
According to the complaint, businessman Utkarsh Agarwal, a resident of Kalibari, was approached by three individuals, Navneet from Bihari Pur, along with Anurag Kakkar and Vijay. The accused claimed they had strong banking connections and expertise, assuring that they could easily facilitate a loan of up to ₹2 crore.
For the victim, who was planning to expand his business, the offer appeared promising. The accused projected themselves as experienced professionals familiar with banking procedures, convincing him that the loan would be approved quickly and without complications.
As per the FIR, the accused began demanding money under various pretexts, including processing fees, file charges, and other formalities required for loan approval. Over time, they collected a total of ₹3.55 lakh from the victim.
Throughout this period, they continued to assure him that the loan process was in its final stage and approval was imminent. Trusting these claims, the victim kept making payments as requested.
Bank Verification Exposed Fraud
When the loan failed to materialize even after a considerable period, the victim grew suspicious. He then approached the concerned bank branch directly to verify the status of his application.
To his shock, he discovered that no official loan application had been submitted in his name. Further inquiry revealed that the accused were no longer associated with the bank, despite claiming otherwise. It was at this point that the victim realized he had been deceived.
Following the revelation, the victim lodged a complaint at the Baradari police station. Based on the complaint, a case has been registered, and an investigation has been initiated.
Authorities are now examining financial transactions, call records, and other evidence to trace the flow of money and establish the role of each accused. Investigators are also exploring whether the accused may have targeted other victims using a similar method.
Probe on Money Trail and Possible Pattern
Experts believe that such frauds often involve individuals who misuse their previous professional exposure. Knowledge of banking systems and terminology allows them to create a convincing narrative, making it easier to gain the victim’s trust.
This familiarity with procedures often misleads victims into believing the process is legitimate, especially when large loan amounts and quick approvals are promised.
In recent times, there has been a noticeable increase in fraud cases involving fake loan facilitators. Fraudsters pose as agents or intermediaries connected to banks and extract money in the name of processing fees.
In many such cases, no actual loan process is initiated, and the entire operation is designed solely to defraud individuals.
Before transferring any money, it is essential to confirm the authenticity of the process with the bank and ensure that all documentation is legitimate. Claims of “guaranteed loans” or “instant approvals” should be treated with caution.
