Brahm Dev Sharma, a resident of Noida, had complained to police that he was duped of Rs 28 lakh, which the gang had demanded as 'processing fee' to get a loan of Rs 1 crore sanctioned from a bank, city Superintendent of Police Ajay Pal Sharma said.
On the basis of the complaint, police raided the premises of Million BusinessSolutions Pvt Ltd at Raj Nagar district centre today and arrested Shahnawaz, Zafar Khan, Rehman and Aizaz, he said.
Describing their modus-operandi, he said, the gang used to call prospective customers and also sent emails asking them to deposit the loan processing fee in their bank accounts.
Investigation into the case was underway, he added.