The Delhi Police has arrested a man, who, along with his father, allegedly duped a doctor of over Rs. 4 crore on the pretext of providing a loan at a low interest rate, officials said on October 6.

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The father of the man was arrested in July, they added. Prashant Sarin, a medical practitioner, lodged a complaint stating in July 2018, he met a man, who told him that he is a big financier and can arrange a loan of Rs 75 crore at an eight-percent interest rate to his company. Subsequently, it was decided that the accused would provide funds from his company LD Group to the complainant's company in two parts and a memorandum of understanding (MoU) was executed between them on July 18, 2018 for a loan of Rs 75 crore for seven years at the rate of six percent per annum, a senior police officer said.

According to the MoU, the accused took an advance payment from the complainant by RTGS on the pretext of arranging stamp papers and provided post-dated cheques for an amount of Rs 35 crore. Before the cheques were presented at the bank, the accused cooked up a story that his company's bank accounts have been frozen by the Income-Tax department, the officer said.

The man obtained Rs 4.25 crore, blank stamp papers, letterheads of the complainant's company and A4 sheets signed by the complainant on the pretext of providing a loan of Rs 75 crore and cheated him, the police said. Sarin transferred Rs 3.85 crore through RTGS from his bank account to the man's account.

A case was registered. During the investigation, it came to light that the blank documents with the signature of the complainant were misused by the man in a conspiracy with his son, the police said. The father-son duo assisted each other in order to misappropriate the funds obtained from the complainant, they added. "The man was arrested on July 16, while his son was arrested on October 5," the Joint Commissioner of Police (EOW) said.

The man used to pose as a well-established gold and diamond jewellery businessman who has contacts with politicians and bureaucrats and thus, can arrange business loans at a low interest, he added. In lieu of arranging a loan, he induced the borrower to part with a huge amount on the pretext of facilitation, stamp fee etc. He also fraudulently obtained the signature of the borrower on blank papers, stamp papers and cheques, the Joint Commissioner of Police said.

Later, when the victim got to know about the cheating, he used the blank documents to put pressure on him to withdraw his complaint, the officer said. The man and his son used to spend lavishly and led a luxurious lifestyle from the funds obtained through cheating. They have cheated many others in this manner, the Joint Commissioner of Police added.