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Fake finance company busted, 2 held

The city police on Saturday busted a fake financial company which was planning to take money and property documents from people as
commission after promising crores of rupees as loans from Karur Vysya Bank (KVB). The police arrested two key players of Magnum Finanze, including an auditor and launched a hunt for the managing partners of the firm.

Police entered the company's office at Kodambakkam minutes before several transactions worth crores of rupees were to take place and recovered cheque
leaves which were filled up to Rs 70 crore. However the company's balance in the bank was found to be just Rs 127.

"People should be extremely cautious of people offering such huge loans," said city police commissioner T Rajendran, announcing the arrest of S Mohammad Jagir (40), a native of Kanyakumari who posed as the branch manager of the company, and M Inbaraj (43), an auditor from Virugambakkam. The police have formed special teams to trace managing directors of the company M Mohammad Afsal (33) and H Hariprasad (53), both natives of Kerala.

The fraud came to light when one of the potential customers, who was promised by Maganum Finanze a loan of Rs 7 crore from KVB grew suspicious and crosschecked with the bank.

Inbaraj and Afsal told the customer that they have a surety from KV Bank of Kodambakkam and showed a fake agreement letter saying the bank had promised the company Rs 100 crore. The customer called up the bank manager, who was known to him and found that there was no such agreement.

KVB branch manager Jose Antonio D Silva informed the city police commissioner, who asked the bank fraud detection wing in the central crime branch to rush to the finance company's office. It was later found that the company had issued advertisements in leading English and Tamil newspapers in the city about their offer to issue Rs 25 lakh to Rs 5 crore on mortgage of property documents. Besides keeping the documents, the firm demanded 3% of the loan amount sought, as commission.

The company started a current account in February and got 100 cheque leaves. They advertised about the offer in March and received applications from all over the state and from Bangalore. Jagir and Inbaraj informed the customers to come with the original documents of their properties and three-percentage of the sanctioned amount in cash for getting the cheque on Saturday.

"We approached the office for getting Rs 5 crore for installing a water treatment plant in Thanjavur. We were impressed with the way they handled our request. We were lucky not to have paid them," said Premanand, a businessman from Thanjavur.

Source: TOI


  1. Home Loans said...

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