Daijiworld Media Network - Mumbai
Mumbai, Aug 14: A disturbing case of cyber fraud has surfaced in Malad, Mumbai, where a local businessman was cheated out of nearly Rs 28 lakh by fraudsters posing as representatives of the Pradhan Mantri MUDRA Yojana (PMMY).
The victim, who runs an imitation jewellery packaging business, was seeking a loan of Rs 10 lakh to expand his operations. In June 2025, he downloaded a mobile loan app and submitted an application—only to be drawn into a carefully orchestrated scam.
Soon after applying, he received a call from a man identifying himself as Nitin Kumar, who claimed to be an official from the PMMY office in BKC, Mumbai. Nitin told the businessman his loan had been approved and requested personal documents, even sending a fake approval letter via WhatsApp.
Days later, Nitin began demanding processing fees. Another man, Ashwin Kumar, joined the con, claiming to be a State Bank employee. He sent an ID card on WhatsApp to build credibility and continued pressuring the victim for urgent payments.
Over time, the businessman transferred Rs 9.53 lakh into various accounts, with an additional Rs 46,000 sent by friends he had approached for help. Despite repeated promises, no funds were disbursed, and eventually, all communication from Nitin and Ashwin ceased.
Still hopeful, the businessman reached out to another contact—Dayashankar Mishra, whose account had also received funds. Dayashankar posed as a representative from a finance company, only to further exploit the situation by demanding another Rs 18.73 lakh under the guise of “processing charges,” again without delivering any loan.
After realizing he had been thoroughly defrauded, the victim filed a complaint with the North Regional Cyber Cell, which has now booked Nitin Kumar, Ashwin Kumar, and Dayashankar Mishra under charges of cheating and relevant sections of the Information Technology Act.
Investigations are underway, and police are tracking the bank accounts used in the scam.
The Pradhan Mantri MUDRA Yojana, launched in 2015, aims to support small and micro enterprises with collateral-free loans. The loan ceiling was recently increased to Rs 20 lakh, effective October 2024, to further boost entrepreneurship—making the misuse of the scheme all the more alarming.