Ahmedabad: Promised loan, Ratanpol jeweller cheated of Rs 62L

Ahmedabad: A jeweller from Ratanpol was allegedly cheated of over Rs 62 lakh after being promised a large business loan, an FIR filed with Ellisbridge police on Thursday said. The complainant, who lives in Gota, said he met the loan facilitator in April 2024 at Ellisbridge.According to the FIR, the complainant said he required Rs 4 crore for business expansion. The accused promised to arrange a loan of Rs 8 crore, with a commission of 7% to 8% payable in advance. Initially, the complainant paid Rs 2 lakh in cash in instalments. The accused later helped him secure a Rs 25 lakh loan from Indian Bank on April 17, 2024, for which he was paid Rs 1 lakh as commission.Subsequently, smaller loans totalling Rs 60.54 lakh were sanctioned from different banks and finance companies between April and May 2024.According to the complaint, the accused and his associate then assured the jeweller of bigger loans from Karnataka Bank, Tamilnad Mercantile Bank and Union Bank. On the pretext of opening accounts, completing insurance formalities, and making payments to bank officials, the duo allegedly collected Rs 51.69 lakh in cash between April 30 and June 1, 2024.Additionally, Rs 10.43 lakh was transferred through various bank accounts belonging to the complainant, his father and employees. Despite collecting Rs 62.12 lakh, the accused allegedly failed to secure the promised loan. Police registered a case of cheating and criminal breach of trust and started the investigation.