MAN HELD FOR CHEATING 200 INVESTORS UNDER FAKE LOAN SCHEME

MUMBAI : A man has been arrested by the Palghar police for allegedly cheating around 200 investors who were promised soft loans at low interest but was never materialised and shockingly the investors were made to pay money so as to avail of the loans. 

Tahir Ansari, a resident of Agripada has been arrested who ran - Manav Seva- a NGO and had opened an office in Palghar wherein his agents would scout for poor victims seeking financial help, said PSI Suhas Kamble of Palghar police.

After accepting Rs 200 each as "admission fee" the investor would be made a member of the NGO and then he would lure them by offering soft loans at low interest,said PSI Kamble. So far 40 victims have registered complaint against Ansari and we have arrested him under Section 420 (cheating) of the IPC and Maharashtra Protection of  Interest of  Depositers Act (MPID),1999 and when produced before the Palghar court, Ansari has been remanded in police custody  said Kamble. The accused would cheat investors seeking loans by accepting Rs 20,000 each for a Rs 5 lakh loan on low interest, which even banks and other financial institutions do not offer but the loans never materialised,said PSI Kamble.

So far, around Rs 19.60 lakhs has been cheated by Ansari and we are in the process of registering  more complaints against Ansari and have also approached the Charity Commissioner, Worli to verify the NGO and also to cancell its licence,said PSI Worli.