The Anti-Extortion Cell (AEC) of the Mumbai Crime Branch busted a bogus finance company and arrested two of its members, including the key accused. The accused allegedly extracted large sums as processing fees from customers under the pretext of providing them massive loans, said police.  

The accused arrested by the AEC have been identified as Mohammed Dawood, alias Satish Chandrasekar, 32, and Thiru Vijaykumar, 47, both residents of Tamil Nadu.  
The arrest follows a complaint made by a Mumbai businessman who claimed that he was cheated of R1 crore while attempting to secure a Rs 20 crore loan.
  
According to a source in the Crime Branch, the gang is believed to have defrauded 25 to 35 individuals across India.