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Pune: Narhe police arrested a farmer from Solapur district for allegedly duping a 65-year-old trustee of an educational trust of ₹87 lakh by promising a ₹50 crore low-interest loan between Dec 2023 and June.
“The suspects allegedly demanded a 10% commission to arrange the Rs 50 crore loan. In all, the trustee paid them Rs 87 lakh towards their fees, loan processing charges and other expenses,” Deshmukh said. The trustee was looking for a loan at lower interest rates because the trust had bought an educational campus in the city and it was running at a loss, according to the FIR.
“The three suspects claimed that they had good contacts with financial institutions and could arrange a loan for the trustee at lower interest rates,” Deshmukh said. When the trustee, whose trust runs educational institutes in the Narhe and Sinhagad Road areas, demanded his money back after the loan failed to materialise, the suspects handed him bags claiming that they had cash. The trustee needed funds to develop it and make it more attractive to students. he came in contact with the three suspects through a common friend While looking for a loan. They gave the trustee fake documents and asked him to pay them in cash, through bank transfers from the accounts of employees of the educational campuses, and through online transfers.