A shocking case of fraud involving ₹1.17 crore has come to light in Bandra, where four individuals allegedly deceived a woman partner in their car business. The accused failed to pay EMIs on a bank loan taken under her name. The Bandra Kurla Complex (BKC) Police have registered a case of fraud and misappropriation against the accused: Rahul Shah, Akash Musale, Teresa Stephen, and Nihar Chowdhury.
Preliminary investigations reveal that the four used the loan amount for personal gains instead of business purposes.
Victim Misled with Promises of High Returns
The complainant, Vijaya Ankutkar, a resident of Ambernath, was introduced to Rahul and Akash, who run a car dealership business. In September last year, they met her at Sofitel Hotel in Bandra and convinced her to invest in their business, promising lucrative returns.
To gain her trust, they took her personal documents, which were then used to secure loans from various banks for car purchases and personal expenses. A loan of ₹1.17 crore was sanctioned under her name. However, instead of purchasing cars, the accused transferred the funds into their personal accounts.
The accused neither used the funds for the business nor paid the bank EMIs, leaving Vijaya in financial distress. When banks started contacting her regarding the unpaid EMIs, she tried reaching out to Rahul and Akash, but they avoided her calls and gave evasive responses. Realizing the fraud, she approached the BKC Police.
Based on her complaint, the police registered a case against all four accused under charges of fraud and misappropriation. Investigations are ongoing, and the police are expected to question the accused soon.