Loan agent arrested in Gujarat for scamming Borivali senior citizen of Rs 17 lakh

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The North Cyber Police have arrested a 42-year-old man from Gujarat for allegedly cheating a senior citizen from Borivali out of Rs 17 lakh through a digital arrest fraud scheme.

The victim, who lives with her husband in Borivali, fell prey to the scam last month. Fearing arrest and acting without much thought, she transferred approximately Rs 17 lakh to the bank accounts provided by the fraudsters. It was only later that she realized she had been deceived and subsequently filed a complaint with the North Cyber Police.

According to police sources, the arrested accused, Jaidev Dave, a resident of Rajkot, Gujarat, is a loan agent who facilitated loans from various banks and private finance companies for clients. He allegedly obtained bank account details from individuals under the pretense of securing loans for them and then used these accounts to transfer money acquired through cyber fraud.

Once the fraudulent funds were deposited, Dave would immediately transfer the money to other accounts to obscure the transaction trail. He would then hand over the cash to others involved in the scam, with the funds eventually reaching the kingpin of the operation. Dave reportedly took a commission for his role in the scheme.

In this particular case, the accused used his uncle's bank account, into which Rs 10 lakh of the defrauded money was transferred.

During the investigation, officers obtained bank details through KYC verification and dispatched a team to Gujarat for further inquiry. When they questioned the bank account holder, 62-year-old Jaish Dave, it was revealed that his nephew had used the account.

"We have taken Jaidev Dave into custody and recorded Jaish Dave as a witness in this case. Jaidev was produced before the Borivali Metropolitan Magistrate after being arrested under relevant sections of the law last week. The accused is currently in police custody until today," said an officer from the North Cyber Police.

"We are actively searching for other individuals involved in the fraud," he added.