Loan agent booked for duping biz owner of ₹38 lakh

The agent charged processing fees and 3% commission from the business owner in advance, claiming he could get a loan sanctioned within 45 days

Mumbai: The Bhandup police have booked a loan agent for allegedly duping a business owner of ₹38 lakh on the pretext of providing a loan of ₹8 crore. The agent, identified as Mohammad Zulfiqar Boler, proprietor of Trident Enterprises, took processing fees and 3% commission from the business owner in advance, claiming he could use his influence to get the loan sanctioned within 45 days. But the loan was not sanctioned for months and threatened the business owner on being asked to return the money, said police.

Loan agent booked for duping biz owner of ₹38 lakh

According to the police, the complainant, 34-year-old Niti Yadav, lives in Bhandup West with her senior citizen parents and brother. Her father Parmesh Yadav, 69, started NK Engineering around 25 years ago, with a workshop in Asangaon. While Niti is now proprietor of NK Engineering, her brother helps manage the business.

In her complaint, Niti Yadav claimed her brother’s friends who knew that she was looking for a loan to expand the business introduced her to Boler. She met Boler at the Trident Enterprises office in Jogeshwari and discussed her requirement. Boler told her that he would be able to get a ₹8-crore loan sanctioned from Yes Bank within 45 days, and would charge 15% commission on the loan amount, of which 3% would have to be paid in advance.

Niti Yadav submitted all necessary documents related to NK Engineering and herself, following which the workshop was surveyed, and she paid ₹30 lakh to Boler, she said in the complaint. When the loan was not sanctioned within 45 days, Boler asked for an additional ₹11.5 lakh, which was paid to him, the complainant said.

Later, whenever Niti or her brother inquired with Boler about the loan, he always gave some excuse and said it would be approved within a few days. When they asked him to return the money, he threatened the complainant’s brother by taking the name of an underworld don, the complainant alleged.

Although Boler subsequently paid ₹3 lakh to the complainant’s brother, he did not return the remaining money, Yadav noted. Based on her complaint, Bhandup police have booked Boler and his firm for of cheating, forgery, breach of trust.

“The accused has not been arrested yet,” said an officer from Bhandup police station.