Tirunelveli-based loan racket alleged to have kidnapped a Muvattupuzha-based contractor and his chartered accountant for a ransom of ₹1.05 crore, using fake identities and forged documents, besides employing coercive tactics to dupe their countless victims An intricate methodology was followed to weave the maze. according to investigators.
The arrest of Natesan, 47, of Tirunelveli and Rajesh Pandian, 26, by the Ernakulam Rural Crime Branch after a months-long operation including disguises, could be the beginning of a long-drawn investigation. Vivek Kumar, District Police Chief (Ernakulam Rural) had transferred the case from the Muvattupuzha police, which had registered a complaint by the contractor, in view of the gravity of the crime.
According to the First Information Report (FIR) filed by the Muvattupuzha police, there were 11 accused, which means nine more accused are yet to be nabbed. The police have now learned that the accused had created fictitious names and identities in their interactions with the victims. For example, of the two arrested, Natesan was named by the complainant as Rajendran in the FIR. Police suspect that the rest of the accused may follow a similar script.
“It has now come to light that the racket had duped several victims across the country. One such victim from Uttar Pradesh, who allegedly lost ₹9 crore, took his own life. Another party from Palakkad had a narrow escape when asked to pay ₹8 crore in cash to enter into the loan agreement. The party was looking for a loan to set up a medical college in Tamil Nadu,” said police sources.
The racket is suspected to have taken place during the pandemic when financial crisis was the all-round order. An online advertising blitzkrieg was used, combined with the deployment of over 100 agents, to attract potential victims requiring huge sums of money. The racket never agreed to lend less than Rs 100 crore.
The victims were allegedly told that part of the black money stash was being lent out at a reasonable interest rate of 8% to convert it into ‘white’. The loan was promised only on the basis of creditworthiness and collateral security.
Sources said, “that they insisted on transferring money only through the bank and followed elaborate procedures including collection of documents like cheques, promissory notes, and title deeds to instill confidence in the victims.”
The registration of documents was invariably conducted in Tirunelveli where the racket is believed to have had considerable clout. After getting the borrowers to forge signatures that they were led to believe showed completion of registration and showing fake demand drafts for the loan amount, the fraudsters then demanded a registration fee, which comes to 2% of the total transaction in cash Is.
Meanwhile, some of the victims tried to retreat, upon which the accused resorted to intimidation tactics, which included kidnapping.