Mastermind Behind ₹2.50 Crore Fake Loan Scam Exposed

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A Cybercrime Mastermind Arrested for ₹2.50 Crore Fake Loan Scam

Agra’s Cyber Crime Police have apprehended the alleged ringleader of a large-scale loan scam, in which fake Aadhaar and PAN details were used to secure illicit loans from multiple banks, resulting in financial losses of approximately ₹2.50 crore for 200-250 individuals.

The Mastermind Behind the Scam

The accused, Narayan Chaurasia, also known as Nitin Chaurasia, utilized multiple identities, including Manoj and Shailendra, to carry out the scam. Investigators discovered that he frequently changed temporary addresses, leveraging these locations to create forged Aadhaar cards, open bank accounts, and complete Know Your Customer (KYC) formalities for online loan applications.

Modus Operandi of the Scam

According to the police investigation, Chaurasia and his associates exploited digital platforms and internet banking to create fabricated documents, which were then used to secure loans in the names of unsuspecting individuals who were unaware that their identities had been compromised.

The fraudulent proceeds were used to purchase various items, including scooters, motorcycles, air conditioners, and mobile phones, on loan. These items were later sold on the market, effectively converting the loan amount into liquid cash.

Investigation and Arrest

The investigation has also revealed the involvement of two other individuals, Sunny alias Pramod and Sanjesh, both of whom are currently being pursued by police teams. Raids are underway at suspected locations, and efforts are being made to identify others involved in preparing forged documents.

Chaurasia was arrested on February 17, 2026, and during interrogation, he admitted to repeatedly changing addresses to create new identities and bypass banking verification systems. Digital devices, bank account details, and loan records recovered from him are being sent for forensic examination.

Further Investigation and Action

The police are working to identify the full extent of the network, which may have links across multiple states. They are also compiling data on the victims to assess the exact financial loss and have alerted the concerned banks. An FIR has been filed, and further investigations are ongoing.