Kandivli Police have arrested a man for allegedly cheating a freelance professional of ₹69 lakh by luring him with the promise of a ₹3.5 crore loan against pledged shares for starting a new business. The accused has been identified as Jatin kumar Unadkat, who has been remanded to police custody by the court. His sister Sangeeta Unadkat is a co-accused in the case and is currently absconding. Police are also probing whether the siblings have committed similar frauds earlier.
The complainant, Premkumar Verma, a resident of Virar, works as a freelancer. Between 2017 and 2023, he was employed with a direct sales agency, during which he helped several people secure personal loans from multinational banks. About two years ago, Verma had facilitated a loan of ₹25 lakh for Sangeeta Unadkat. During this period, she introduced him to her brother Jatin kumar, claiming that he was involved in share trading and bulk dealing.
In January 2024, Verma quit his job and was looking for new work. Around the same time, Sangeeta and Jatin kumar called him to meet near Sarovar Hotel in Kandivli, where they claimed to be planning a new venture called a “boom lift” business, requiring an investment of at least ₹3.5 crore. They told him that an initial amount of ₹90 lakh was needed and requested him to provide the funds. Jatin kumar assured Verma that, if required, he would transfer shares in Verma’s name and arrange a loan against those shares.
Trusting their assurances, Verma sold his flat in Virar for ₹86 lakh. Between July and August 2024, he paid Jatin kumar around ₹81 lakh in instalments for transferring shares into his demat account and for securing a loan against them. An agreement was executed stating that the shares would be transferred in Verma’s name and a bank loan would be raised on their basis. Accordingly, Verma opened a demat account.
Jatin kumar took the password of Verma’s demat account on the pretext of transferring shares. A few days later, he falsely claimed that shares of various companies had been transferred into the account. He also showed Verma a sanction letter from a private finance company stating that a loan of ₹2.80 crore had been approved against the shares. However, despite repeated follow-ups, the loan amount was never credited to Verma’s bank account. Whenever questioned, Jatin kumar and Sangeeta gave evasive answers and kept assuring him that the amount would be disbursed soon.
Suspecting foul play, Verma approached the concerned finance company, where he learned that the shares allegedly transferred by Jatin kumar had never been pledged, and no loan had actually been sanctioned. Further inquiry at the bank revealed that the shares shown in his demat account were merely demo or virtual stocks used for practice trading, and that no real shares had been transferred to his account.
Shocked by the revelation, Verma confronted the siblings, but they continued to dodge his questions. He then deposited a security cheque given by them, which was dishonoured. When he demanded the return of the money given for the business, Jatin kumar repaid only ₹1.77 lakh, while misappropriating the remaining ₹69.18 lakh, thereby cheating him.
Following the complaint, Kandivli Police registered a case of cheating and criminal breach of trust against Jatin kumar and Sangeeta Unadkat. After launching a manhunt, police arrested Jatin kumar on January 7. During interrogation, he allegedly confessed to committing the fraud along with his sister. Further investigation is underway to trace the absconding co-accused and to ascertain whether the duo has duped others using a similar modus operandi.