Ahmedabad businessman alleges ₹77 lakh loan fraud, three booked

The Vastrapur police have registered a case against three persons for allegedly cheating an Ahmedabad-based businessman of ₹76.98 lakh on the pretext of arranging a business loan of ₹6 crore.

The complaint was filed by Dinesh Navlikshore Soni (58), a resident of Shahibaug, who runs an engineering workshop machinery business under the name ‘Shivam Enterprise’.

According to police, Soni approached the accused in April 2025 after learning through a friend that a firm operating from Thaltej arranged large loans in return for commission. The accused have been identified as Krutesh Bharatbhai Shah, his father Bharatbhai Ratilal Shah, and Krutesh’s wife Mruganda. They allegedly operated from an office at Gala Empire on Drive-In Road, opposite Doordarshan Tower in Thaltej.

Soni told police that he was introduced to Krutesh Shah by his acquaintance Vasantbhai, who informed him that Shah’s company facilitated loans for business purposes by charging a commission of around 10 per cent of the sanctioned amount.

During a meeting at the office, Krutesh allegedly assured Soni that he would arrange a loan of ₹6 crore for business expansion. Police said Shah and his associates subsequently demanded various payments as commission and processing charges, claiming that the loan approval process had been initiated.

According to the complaint, on April 4, Soni transferred ₹7 lakh online from his Yes Bank account to an account linked to the accused. In the following weeks, further payments were allegedly sought on the pretext of bank processing charges and commission.

Soni alleged that he transferred several instalments through online transactions, including ₹31.32 lakh and ₹30 lakh on April 28, after the accused claimed that the final stage of the loan approval process was underway. In addition to the online payments, the accused allegedly collected ₹7.28 lakh in cash during a meeting in the Asarwa area.

In total, Soni claims he paid ₹76.98 lakh to the accused in the form of commission and processing charges.

Police said the accused allegedly assured Soni that the loan amount had been credited to his account and even shared documents and messages suggesting that a transfer of ₹6 crore had been made. However, when Soni checked his bank account, he found that no such amount had been credited.

When he demanded the return of his money, the accused allegedly issued cheques amounting to ₹76.98 lakh from their bank accounts. However, the cheques were later returned unpaid due to insufficient funds and other banking issues, according to the complaint.

Soni further alleged that the accused repeatedly assured him that the loan would be sanctioned and asked him to wait, but the amount was never transferred. Subsequent inquiries in the market reportedly revealed that the accused had allegedly taken commission money from several individuals on the promise of arranging loans.

Based on the complaint, the Vastrapur police have registered a case against Krutesh Shah, Bharatbhai Shah and Mruganda Shah for cheating and criminal breach of trust.

Officials said bank records, financial transactions and other documents submitted by the complainant are being examined as part of the probe. Statements of witnesses, including the person who introduced Soni to the accused, will also be recorded.