Yadav, the police said, had claimed to be the owner of a private finance company and offered to provide him a loan within a few weeks.
A Bollywood film producer was arrested by the Mumbai Police Crime Branch Thursday for allegedly duping a Delhi-based businessman of Rs 20 lakh.
The businessman, who operates an alcohol distillery, was in urgent need of Rs 200 crore and had reached out to the accused, Ajay Yadav (54), through a consultant last month. Yadav, the police said, had claimed to be the owner of a private finance company and offered to provide him a loan within a few weeks.
A crime branch officer said that after emailing an approval letter and a mortgage agreement to the businessman, Yadav asked him to pay him Rs 20 lakh towards franking and registration of the loan. The businessman was initially hesitant as he was short on funds but after being assured of an immediate disbursal of the loan, he borrowed money from family and friends and came to Mumbai on February 15 to transfer the money to Yadav through RTGS, the officer added.
“Yadav had instructed the businessman to meet him at a bank in Malad West. But Yadav never arrived and eventually stopped answering phone calls. The businessman went on to lodge a complaint at Malad police station on Thursday,” the officer said.
The Unit 11 of the crime branch tracked down Yadav at his home on Veera Desai Road, Andheri West Thursday. While he had been previously booked in Delhi for cheating businessmen between 2001 and 2002, he was arrested by the Delhi Police in 2012. The Mumbai Police had also arrested him in 2011 for cheating a businessman in Oshiwara.
“Yadav would win the confidence of businessmen in need of loans by boasting his connections with film personalities and claiming to be a top film producer,” an officer said.