Mumbai: Builder Scammed of ₹40 Lakh in ₹100-Crore Loan Fraud in Andheri; Case Filed

A case of alleged cheating involving Rs 40 lakh has come to light in Andheri, where a businessman allegedly defrauded a construction developer by promising to arrange a loan of Rs 100 crore for his business project. The Amboli Police have registered a case of cheating and criminal breach of trust against the accused, identified as Satyam Sukhdev Satyarthi, and launched an investigation.

Police are also probing whether the accused had committed similar offences in the name of arranging loans for other individuals.

According to police sources, complainant Yusuf Bawangawala, a resident of Raigad and a construction businessman, owns a company named Universal Enterprises with its office located in Andheri. In January 2025, he came in contact with Satyam Satyarthi through a mutual friend when the latter visited his office.

During the meeting, Satyam allegedly introduced himself as the owner of two firms — Satyarthi Engineer Private Limited and Satyarthi Power Ad Infra Private Limited — and claimed that he could assist in arranging business loans.

As Bawangawala required a loan of Rs 100 crore for one of his projects, Satyam allegedly assured him that he could arrange the amount but demanded Rs 40 lakh as consultancy fees.

Before proceeding, Bawangawala reportedly sought information about Satyam from their mutual friend, who allegedly described him as a trustworthy individual and claimed that he had helped several people financially in the past. Trusting these assurances, Bawangawala agreed to pay the consultancy amount.

An agreement was executed between the two parties, under which Satyam promised to arrange the Rs 100 crore loan and collect Rs 40 lakh as consultancy charges. He also allegedly issued a cheque as security and assured that the consultancy amount would be refunded if the loan was not sanctioned.

Following the agreement, Bawangawala transferred Rs 40 lakh into Satyam’s bank account. However, despite the passage of over a month, the promised loan was not arranged.

When contacted, Satyam allegedly continued giving excuses, claiming that the loan process was underway. Later, he reportedly stopped responding to calls altogether.

Suspecting foul play, Bawangawala deposited the cheque issued by Satyam, but it was returned unpaid by the bank.

After realising he had allegedly been cheated, Bawangawala approached the Amboli Police and lodged a complaint. Following verification of the allegations, police registered an FIR against Satyam under charges of cheating and criminal breach of trust. Efforts are currently underway to trace the accused.