Mastermind Behind ₹2.50 Crore Fake Loan Scam Unmasked

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Cybercrime Unit Arrests Mastermind Behind ₹2.50 Crore Fake Loan Scam

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

The Accused and the Scam

The accused, Narayan Chaurasia, alias Nitin Chaurasia, allegedly utilized multiple identities, including Manoj and Shailendra, to carry out the scam. Investigators discovered that Chaurasia frequently changed temporary addresses, which he used to generate forged Aadhaar cards, open bank accounts, and complete Know Your Customer (KYC) formalities for online loan applications.

Modus Operandi

The investigation revealed that since 2021, 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. The victims were unaware that their identities had been compromised.

Proceeds from the Scam

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

Co-Accused and Ongoing Investigation

The police have also identified the involvement of two other individuals, Sunny alias Pramod and Sanjesh, in the scam. Raids are currently underway at suspected locations to apprehend the co-accused.

Arrest and Interrogation

Chaurasia was arrested on February 17, 2026, and during interrogation, he reportedly 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.

According to officials, the network may have links across multiple states, and efforts are being made to identify others involved in preparing forged documents. The police are compiling data on the victims to assess the exact financial loss and have alerted the concerned banks. A First Information Report (FIR) has been filed in connection with the case.

Conclusion

The scam highlights the need for individuals to remain vigilant and monitor their financial transactions regularly to prevent such incidents. The arrest of the mastermind and the ongoing investigation are expected to help uncover the full extent of the scam and bring the perpetrators to justice.