Police Investigate Alleged ₹92.25 Lakh Business Fraud and Separate Loan Repayment Impersonation Scam
Two separate financial fraud cases reported in Kolkata have highlighted the growing risks associated with fraudulent investments, manipulated business records and fake loan recovery agents.
In the first case, three business partners have been accused of cheating an investor and his family of more than ₹92 lakh through alleged fund misappropriation, forged financial records and intimidation.
In a separate case, a woman allegedly lost ₹45,145 after an individual posing as an authorised recovery agent of a private finance company collected her loan instalments but failed to deposit them with the lender.
Police have registered cases under relevant provisions of the Bharatiya Nyaya Sanhita, 2023, and launched investigations into both incidents. The allegations have not yet been established before a court.
Investor Alleges ₹78.32 Lakh Outstanding Liability
The first case was registered at Entally Police Station following directions issued by the Sealdah Court under Section 175(3) of the Bharatiya Nagarik Suraksha Sanhita.
According to the complaint, three business partners associated with construction and joint venture firms allegedly persuaded the complainant and members of his family to invest substantial sums in their businesses before April 2025.
During an account reconciliation conducted on April 11, 2025, the accused allegedly acknowledged that approximately ₹78.32 lakh remained payable to the investor.
Despite this alleged acknowledgement, the amount was reportedly not returned.
Additional ₹13.93 Lakh Allegedly Taken for Tax Payments
The complainant further alleged that the business partners later asked him to transfer another ₹13.93 lakh, claiming that the funds were required to clear government tax liabilities.
According to the complaint, the money was instead misappropriated and was not used for the stated purpose.
The total amount involved in the alleged investment-related fraud is therefore approximately ₹92.25 lakh.
Financial Statements and Tax Returns Under Scrutiny
Police are examining allegations that the accused manipulated:
- Balance sheets
- Financial statements
- Tax returns
- Partnership accounts
- Supporting business records
Investigators suspect that forged or misleading documents may have been used to conceal the actual financial condition of the businesses and prevent investors from identifying losses or unauthorised fund movements.
The precise nature and authenticity of the records will be determined through forensic and accounting examination.
Family Allegedly Threatened After Seeking Repayment
According to the complaint, the accused allegedly threatened the investor and his family when they demanded repayment of their money.
Police have booked the accused under provisions relating to alleged:
- Cheating
- Criminal breach of trust
- Forgery
- Criminal conspiracy
- Criminal intimidation
The accused will have the opportunity to respond to the allegations during the investigation and judicial process.
Woman Duped by Alleged Fake Recovery Agent
The second case was registered at Ekbalpore Police Station after a resident of Maulana Mohammad Ali Road reported an alleged loan repayment fraud.
According to the complaint, between June 2 and June 29, an individual claimed to be an authorised recovery agent of a private finance company.
The accused allegedly convinced the woman to pay ₹45,145 towards her outstanding loan instalments.
She reportedly made the payment through:
- ₹30,000 in cash
- ₹15,145 through a digital payment application
Finance Company Had No Record of Payment
The alleged fraud was discovered when the woman later contacted the finance company to confirm the repayment.
According to police, the lender had no record of receiving the instalments.
Investigators suspect that the accused diverted the entire amount for personal use instead of depositing it into the borrower’s loan account.
Police are examining the accused’s banking records, mobile numbers, digital transaction history and communications to establish the complete money trail.
Possible Additional Victims Being Examined
Authorities are investigating whether the suspected fake recovery agent targeted other borrowers using a similar method.
Investigators are also examining whether the accused had access to confidential borrower information, such as:
- Loan account details
- Outstanding instalment amounts
- Contact information
- Repayment schedules
- Finance company records
Any unauthorised access or misuse of customer data could indicate the involvement of additional individuals or facilitators.
Police Examine Financial and Digital Evidence
In both cases, investigators are reviewing:
- Bank statements
- Digital payment records
- Financial documents
- Tax filings
- Electronic communications
- Business agreements
- Loan account records
Police are attempting to determine whether the alleged offences were isolated incidents or part of broader organised financial crime networks.
Expert Advises Independent Verification
Former IPS officer and cybercrime expert Prof. Triveni Singh said financial offenders increasingly gain victims’ confidence through fake investment proposals, fraudulent partnerships and impersonation of authorised company representatives.
According to him, forensic examination of financial statements, bank records, payment trails and electronic communications is essential for reconstructing such frauds and identifying beneficiaries.
He advised investors to independently verify business records before transferring funds and urged borrowers to make repayments only through authorised company channels.
How Investors and Borrowers Can Reduce Risk
Investors should independently confirm:
- Business registration details
- Financial statements
- Tax records
- Existing debts and liabilities
- Ownership and partnership agreements
- Purpose of the requested funds
Borrowers should avoid handing over cash unless the recovery agent’s identity and authority are independently verified.
Loan payments should preferably be made through the lender’s official application, website, bank account or authorised branch.
Investigations Continue
Kolkata Police said investigations into both cases remain underway.
Further legal action may be initiated if additional individuals, businesses, intermediaries or beneficiaries are found to be connected with the alleged offences.