Thane, Jun 30 (PTI) A businessman from Navi Mumbai was allegedly cheated of Rs 1.25 crore by four persons who assured to arrange loans for him, police said on Monday.

Based on a complaint lodged by the 78-year-old Airoli resident, the police on Saturday registered a case under sections 316(5) (criminal breach of trust), 318(3) (cheating), and other relevant provisions of the Bharatiya Nyaya Sanhita, an official said.

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He said that the accused contacted the victim, who owns a machine tools company in the Rabale MIDC area, between December 2023 and March 2025 and allegedly promised to arrange for business loans of Rs 100 crore and Rs 200 crore.

"In the course of their interactions, the accused fabricated demand drafts and cheques from three different banks and used forged signatures and counterfeit bank seals to gain the complainant's trust and extort money in the guise of loan processing and administrative fees," the official said.

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He said the victim reportedly transferred Rs 1.25 crore into various bank accounts linked to the accused, but no loan ever materialised.

The case was registered against the accused, Dhanesh Deshmukh (44), Pramila Lad (65), Prashant alias Raju Pillai, and Pushpa Gupte, the official said, adding that no one has been arrested so far.

(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)