Two arrested for cheating man of Rs 12 lakh on pretext of loan

Two persons have been arrested for cheating a Chhattisgarh resident of Rs 12 lakh who allegedly committed suicide with his wife and son due to "shock", police said today.
Surjeet Singh and Sushant Basak had allegedly cheated Manish Jaiswal in 2014 through their Delhi-based company called Citizen Finance Company, they said.
Police said the duo were arrested on September 2.
A case was registered in this connection in Durg in Chattisgarh and a reward of Rs 10,000 was announced on the arrest of Singh and Basak by the SSP there.
Jaiswal had allegedly paid Rs 12 lakh as "processing fee" for getting a loan of Rs 25 lakh by the company.

On December 23, 2014, Manish received a call from the company asking him to to pay an additional Rs 3.50 lakh else his "loan files" would be closed.

He was "extremely shocked" and due to "fear" he committed suicide along with his wife and son, police said.
Singh and Basak set up Citizen Finance Company in 2014 and were allegedly involved in cheating people and were arrested by Crime Branch from a bus stand near Kashmere Gate ISBT on a tip-off, said Ravindra Yadav, Joint Commissioner of Police (Crime Branch).
During interrogation they admitted cheating Jaiswal and other persons by offering them loan on easy terms, he said.

They used to demand processing fee for sanctioning the loan and as soon as the amount was deposited in their bank account, they would switch off phones and go underground.