Surat: NBFC agent takes out fraud loans, cheats 2 mobile shops owners of Rs 10.65 lakhs

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A Surat-based loan agent of Bajaj Finance purchased 17 mobile phones worth Rs. 10.65 lakhs from two mobile shops on loan in the name of six individuals, and cancelled the approved loan application defaulting on payments to both the mobile shops.

The incident came to light when both the mobile shop owners complained to the finance company head office in Surat and mentioned that they had not received payment for 17 mobile phones.

At different intervals between October 5 2021 to November 13 2021, the accused Arvish Shegde took 17 mobile phones of different companies from both these shops.

When the amount of 17 mobile phones were not credited into the accounts of both the mobile phone shops, their owners contacted Shegde, who made excuses, said police. The owners knew Shegde was working with Bajaj Finance as a loan agent.

The owners eventually contacted the office of Bajaj Finance firm officer Mayur Jariwala, who lodged a complaint against Shegde, a loan processing agent of their firm with Umra police station, on Monday.
Police have registered a cheating complaint and are on the hunt for the accused.

As per details mentioned in the complaint, Shegde used six Bajaj Finance cards (EMI cards) belonging to six different persons to apply for loan, and was approved, to purchase mobile phones from Bhatia Mobile shop and Poojara mobile shop.

Police said that Shedge worked in the online loan processing department and had earlier processed loans on Bajaj finance cards of the six persons and passed on the purchase order to both the mobile shop owners for delivery of the mobile phones.

Umra police inspector D K Patel said, “Arvish Shegde works as loan approval agent with Bajaj Finance and he can access the details of the persons who had earlier taken loan from the company. Shegde had used such loan documents of six persons to purchase mobile phones, without informing them.”

“Our teams reached out to the six persons on whose name the loan was sanctioned and later cancelled and we were shocked that one of them is Dhanraj Patil, a resident of Pandesara who died on June 9, 2021. The other EMI cardholders are unaware of such loans. We are looking for Arvish Shegde and he hails from Maharashtra. We will also find out who others are involved in such a racket,” he added.

Shegde had been on leave since January 2022. When the finance company officials visited his house they found it locked.

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