Navi Mumbai Court Sentences Fraudster To 5 Years For Duping 350 People In ₹3 Crore Loan Scam

Accused who cheated over 350 people under the pretext of giving loans has been sentenced to five years of rigorous imprisonment by the Belapur District Sessions Court. The convict, Aniketan Shivaji Indalkar, was found guilty of duping ordinary citizens of nearly Rs 3 crore through a bogus finance company set up in Mahape MIDC, Navi Mumbai. In addition to the prison term, the court also imposed a fine of Rs 1,000, and ordered an additional two months of simple imprisonment in case of default.

The Economic Offenses Wing (EOW) of Navi Mumbai Police had arrested Indalkar in January 2019 following complaints from several victims. He had floated a fake loan scheme under the name Shivaji Finance, advertising instant loans with minimal documentation. Interested individuals were asked to pay a deposit of Rs 30,000 and refer two more people in exchange for discounted loan offers.

Though around 30 people received loans ranging from Rs 2 to Rs 5 lakh, more than 350 others were left cheated. The victims, primarily common citizens and several women from Mumbai, Navi Mumbai, and Thane, lost their money without receiving any loan.

The police raid on January 2, 2019, led to the seizure of documents and partial recovery of funds from Indalkar’s office. A case was filed at Rabale MIDC Police Station under various sections of the Indian Penal Code, the Maharashtra Protection of Interest of Depositors (MPID) Act, and the Money Circulation Scheme (Banning) Act.

Assistant Police Inspector Anand Sahane, who led the investigation, ensured that the suspect’s bank accounts were frozen and submitted a strong charge sheet supported by evidence. "The court, after examining the case, found Indalkar guilty and also directed that the recovered amount be distributed among the victims under the supervision of the District Collector," Sahane said.

Government prosecutor Yogendra Patil argued the case, while court staff including Police Constable Rajesh Salgar and team supported the proceedings.