A businessman in the apparel industry loses Rs. 1 crore to fraud

A businessman in the apparel industry loses Rs. 1 crore to fraud

05 February 2022, Mumbai:

A Mysuru-based clothing entrepreneur lost Rs. 1 crore to a gang that offered him a loan of Rs. 100 crore to help him develop his business.

On the basis of a complaint submitted by a businessman, the police have opened a cheating case against three people.

According to sources, Vincent wanted to foray into garment exports, with a budget of Rs. 100 crore. He was in severe need of large loans in order to satisfy his immediate working capital requirements. 

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Sanjaya Shukla, who offered to secure a loan of Rs. 100 crore, was presented to him. Vincent was ordered to pay 1% of the total to Shukla's supervisor, who owns a private firm in Chandigarh. Vincent paid Sanjay Rs. 1 crore in installments after the gang agreed to transmit the loan payment but fell silent.

Vincent filed a cheating complaint against Shukla and two others once he realized he had been duped (Rahul Tiwary and Ashraf Khan). The incident is being investigated by the local police department.

 

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*Figures mentioned in the above article have been sourced from Apparel Resources article. 

 

 

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