Cops book three of a firm; fraudsters collect “mobilisation fees” with promise of arranging high-value business loans ranging between Rs 50 cr to Rs 100 cr
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At least six businessmen, including a senior entrepreneur from the offshore oil and gas services sector, have alleged that they were collectively cheated of Rs 2.46 crore by a Mulund-based finance firm and its partners, who allegedly collected large “mobilisation fees” with the promise of arranging high-value business loans that never materialised.
Based on the complaint filed, an FIR was registered at the Mulund police station on Thursday. According to the police, the fraudsters lured victims with assurances of quick funding running into hundreds of crores but first demanded advance payments to “unlock” the loan — a classic ‘pay first, loan later’ trap used to siphon money over several years.
What is pay first, loan later?
The fraudsters allegedly followed a ‘pay first, loan later’ model, asking victims to deposit large upfront sums as “mobilisation” or “processing” fees to release the first tranche of the promised loan. The businessmen were told the advance money was required to mobilise funds, obtain regulatory clearances, and complete internal approvals, after which loans running from Rs 50 crore to Rs 200 crore would be disbursed.
Police said that while the victims paid the amounts in good faith, the promised loans were never released, and only small portions of the money were returned in some cases before communication eventually stopped.
Three accused booked
In connection with the case, the police have booked three persons identified as Satyavrat Raghavendra Tripathi, his wife Archana Tripathi, and consultant Dr Syed Hassan, all associated with a Mulund-based finance firm.
According to police, the accused projected themselves as large-scale investors capable of arranging funding worth hundreds of crores, particularly targeting businesses in capital-intensive sectors such as oil and gas and offshore services. The primary accused identified by the police is Satyavrat, who was previously booked by the Powai police in another cheating case in 2020.
Police said they are examining bank transactions, agreements, and communication records to ascertain whether the same modus operandi was used to dupe multiple businessmen, adding that further investigation is underway.
Thursday
Day FIR was registered
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