Surendranagar company defrauds over 150 people in loan scam worth crores

Updated: Dec 22nd, 2024

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A private finance company in Surendranagar, Gujarat, is accused of targeting applicants from rural areas and duping them of crores of rupees by using fake documents to sanction home loans and then withdrawing the money from the applicants’ account.

According to the applicants, Northern Arc Capital Limited company, located in Mega Mall on Main Road, Surendranagar, for higher loan amounts sanctioned for properties by attaching photos of good properties, but the actual properties were in poor shape. 

After applying for loans, the company withdrew the deposited amount from their accounts, leading to a fraud worth crores of rupees, the applicants have alleged.

After the issue came to light, the affected applicants contacted the finance company’s office, but the top officers went underground, leaving the victims in the lurch.

Over 20 affected applicants submitted a written complaint about the fraud to the B-Division police station and Chief Minister Bhupendra Patel.

According to the applicants, the finance company has defrauded over 150 people, and the number could rise further if an investigation is conducted. The local B-Division PSI stated that the victims’ statements have been taken, and further action will be taken after that.

Also read:

BZ finance scam: Accused Mayur Darji brought in ₹1.09 crore from 39 investors

Transaction worth ₹360 cr revealed of 4 companies associated with BZ Finance

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