Financial firm raided in Rajkot for fraud

Rajkot, Nov 19: The Rajkot police have busted a large scale fraud by one financial company here which allegedly cheated loan aspirants on the pretext of arranging quick loans for them at the lowest interest rate of four per cent per annum.

Acting on a complaint filed by one Paresh Chandubhai Mulwani, police raided the Max Financial Consultant at Yagnik Road here yesterday and arrested Kamal Sharma alias Sonudal Subhashdal from Noida near Delhi.

Another accused, Sumit Malhotra is absconding, said police.

According to the police, Mr Mulwani approached the accused at the Max Financial Consultant on Novermber 9 after reading its advertisement in the newspaper.

The accused allegedly took Rs 6,000 from Mr Mulwani, promising to sanction his Rs 1,00,000 loan, which was howe, not sanctioned.

Following this, Mr Mulwani lodged a police complaint against the accused.

The company allegedly cheated more than 100 people, the police said.

UNI