Ahmedabad: A businessman was allegedly cheated of Rs 73 lakh by a Rajkot couple under the pretext of helping him secure a Rs 5 crore business loan through a cooperative credit society. The Detection of Crime Branch (DCB) police on Tuesday registered a case after the victim’s wife, who runs a tuition class from her residence in Isanpur, filed a complaint in this regard. She alleged that the couple took the money from her husband over a 4-year period “to process charges, membership fees and other formalities”, but the promised loan was never sanctioned.Police said, “The victim traded in raw material used for ceramics. He started an export venture and wanted the funds to expand the business. His associate allegedly introduced him to a person in Rajkot who claimed he could arrange a loan through a cooperative credit society he ran.”According to the complaint, the Rajkot man visited the businessman’s residence here and claimed he could arrange a loan of Rs 5 crore. Trusting the assurances, the businessman paid Rs 31 lakh towards loan processing expenses and membership formalities between May 2021 and May 2025, said the police. The money was allegedly transferred to bank accounts linked to the person, his wife and another associate. An additional Rs 42 lakh was allegedly paid in cash during the same period.The complainant claimed that Rs 73 lakh was paid in total. However, despite repeated follow-ups, the loan was never sanctioned. When the businessman demanded that his money be returned, the Rajkot man allegedly began avoiding his calls. According to the complaint, when contact was finally established, he allegedly stated that he did not run any credit society and that the money was already spent. Following this, the family approached the police and lodged a complaint alleging cheating and criminal breach of trust against the persons involved in the transaction.
