New Delhi, Jun 16 (PTI) Delhi Police has busted a cyber fraud racket involving fake loan offers and arrested two accused, who allegedly posed as officials of a financial company and duped a man of nearly Rs 2 lakh, an official on Monday said.

The official said that the accused, identified as Pawan Kumar (36) and Md Rehbar (28), were arrested after a complaint was lodged by Md Hasib, who alleged that he had been defrauded of Rs 1,92,599 by fraudsters offering a fake loan of Rs 25 lakh under the pretext of processing and policy fees.

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“A case was registered after the complainant had reported that despite transferring the demanded fees, he neither received the loan amount nor a refund,” said Deputy Commissioner of Police (DCP), Outernorth, Hareshwar V Swami.

The DCP said that the accused impersonated representatives of a financial company and lured the victims with fake loan offers.

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They used multiple bank accounts and SIM cards to siphon off and hide the money trail, he added.

The DCP said that raids were conducted in Tilak Nagar and Sabhapur Extension, adding both suspects were served notices under relevant sections of the law.

Pawan was arrested on June 9 and Md Rehbar on June 13, police said.

“Pawan Kumar posed as a loan agent, cold-calling potential victims and offering high-value loans against an upfront processing fees. Once the fees was transferred, the money was routed through multiple accounts and withdrawn by associates, including Rehbar,” the senior police officer said.

The accused had concealed mobile phones, cheque books and other incriminating materials inside ceilings at their residences to avoid detection, police said.

Several devices and documents were seized during the raids, they said.

The two accused are linked to more than 10 similar complaints across the country, said police, adding efforts are underway to trace their accomplices, including two absconding suspects — Sandeep and Yashish.

Pawan Kumar, who is a 12th pass, had earlier worked as a delivery executive for app-based platforms, police said.

He was also associated with an entity named R.A. Business in Tilak Nagar, the details of which are under scrutiny, they said.

Md Rehbar, a school dropout, had been working with his father at a local electronics manufacturing unit, police said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)