Archive · 19 May 2025
Businessman Cheated Out of Rs 31 Lakh in Machinery Loan Scheme
A businessman wanted a loan to buy new machines for his factory.
Some people offered to help, but they tricked him.
They pretended to get a loan, asked for money upfront, and made up fake paperwork to make it look like he was getting new machines.
They even suggested painting old machines to make them look new.
They took Rs 31 lakh from him but never gave him the machines.
It turned out they lied about everything to steal his money, and now the police are investigating.
A businessman was defrauded of Rs 31 lakh in a machinery loan scheme.
Kishor Kuwadi, a steel bars manufacturer, was the victim of the fraud.
Four individuals, including a chartered accountant, are accused of the crime.
The accused allegedly fabricated documents and created fake invoices.
The promised machinery was never delivered, and the loan was not secured.
- Who
- Kishor Kuwadi was cheated by Ketan Dave, Mitul Mehta, Parth Teraiya, and Praveen Chauhan.
- What
- Kuwadi was cheated out of Rs 31 lakh in a fraudulent machinery loan scheme.
- When
- The fraud took place in 2023 and was discovered during an audit in 2024.
- Where
- The incident occurred in Rajkot and Bhavnagar, India.
- Why
- The accused lured Kuwadi into the scheme to defraud him of money.
- Amount Cheated
- Rs 31 lakh
- Victim
- Kishor Kuwadi
- Victim's Business
- Steel bars manufacturing company
- Victim's Location
- Bhavnagar
- Accused
- Ketan Dave, Mitul Mehta, Parth Teraiya, Praveen Chauhan
- Incident Year
- 2023