Andaman Couple Accused of Defrauding Mumbai NBFC of Rs 4.8 Crore in Fake Office Loan Scheme

On Sunday, a fraud case was registered at BKC Police station against an Andaman Nicobar-based couple for allegedly defrauding a city-based non-banking finance company for 4.8cr by availing loans and later failing to repay.

Suhas Ohwal, the manager from City Union Finance Ltd, filed the complaint. He provided a statement to the police stating that in 2018, Prakash Raj and his wife Sandhya approached the organization for a loan to purchase four office spaces in the commercial business point in Sahar village area. They offered to mortgage these office properties for the loan. Prakash and Sandhya, who are directors of Mountain Edge Tours & Holidays Private Limited, hail from Andaman and Nicobar Islands.

They submitted all the required documents and requested the NBFC to sanction the loan money directly to the developer Roy Ambrose Creado. After following due procedure, the complainant NBFC sanctioned four loans totaling Rs 4.80 crore and transferred the money into the developer’s bank accounts, the police said. Initially, the accused paid two EMIs, but later defaulted. When the complainant NBFC visited the said office galas, they discovered that no such four galas 3, 5, 15, and 17 exist. Instead, the building has offices 103, 105, 115, and 117, which were owned by some other individuals, states FIR.