Filmmaker who conned people on promise of giving loans held

Show time over: Accused Ajay Yadav (centre) with Crime Branch officers.

Show time over: Accused Ajay Yadav (centre) with Crime Branch officers.  

Accused, who was also a financial advisor, has earned ₹1.25 cr. in ‘processing fees’

The Mumbai Crime Branch has arrested a small-time filmmaker for allegedly committing a string of financial crimes in Mumbai and other cities. The accused, who was also a financial advisor, would target those with bad financial track records who could not seek loans from banks, and cheat them by assuring them large loans.

According to Crime Branch officers, inquiries were initiated after a Delhi-based businessman filed a complaint against Ajay Yadav. Mr. Yadav has directed and produced five films so far, while the sixth is yet to be released.

“The complainant wanted to expand his business and hence needed a loan of ₹200 crore. He came into contact with Mr. Yadav through some mutual friends, and the accused assured him that the loan would be granted easily,” Deputy Commissioner of Police (Preventive) Dutta Nalawade said. Mr. Nalawade is currently holding additional charge of the post of DCP (Detection-I).

Mr. Yadav allegedly visited the complainant’s head office in Uttar Pradesh last year and took ₹20 lakh from him as ‘processing fees’. Mr. Yadav then cut off all contact with the complainant. When he could not be reached despite several attempts, the complainant reached Mumbai to locate him, and finally approached the police.

The Crime Branch Unit XI started investigation and got his current phone number. Officers tracked his location for several days before picking him up from Lokhandwala complex in Andheri on Thursday. “Inquiries so far indicate that the accused had similarly cheated at least eight to nine people in Mumbai, with the collective amount he had earned being around ₹1.25 crore. We are obtaining further information about these cases,” Mr. Nalawade said.

A Crime Branch officer said Mr. Yadav, having worked as a financial consultant, used his knowledge to his advantage.

“Mr. Yadav knew that several businessmen who deal in large amounts of money on a regular basis run afoul of banks, either due to frequent defaults on loans or a bad CIBIL score. For this reason, they need to seek loans from private institutions like finance companies, and are ready to pay any amount as processing fee. He would hand-pick his targets using this knowledge,” the officer said.

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Printable version | Apr 4, 2020 11:41:48 AM |

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