Matunga police have arrested five accused for allegedly cheating a senior citizen of ₹93 lakh by offering him low-interest loans and convincing him to pay ‘fees’ in return. The police said the accused confessed to having cheated hundreds in a similar fashion.

Matunga police said the accused have been identified as Rajendra Singh (34), Sachin Sirohi (28), Anupkumar Agrahari (25), Vikrant Singh (26) and Prashant Chaudhary (25). The police said the victim, Mahadev Korgaonkar (67), registered a complaint against the accused on May 29.

N. Ambika, Deputy Commissioner of Police (Zone IV), said, “The accused contacted Mr. Korgaonkar around two-and-a-half years ago and offered loans at low interest. He transferred amounts to accounts specified by them citing reasons such as processing charges, opening a fixed deposit account and mutual fund investments. All communication was through phone calls or fake email addresses in the name of Reliance Bank. He participated in 61 transactions, paying ₹93,59,792.”

She added, “Earlier this year, Mr Korgaonkar sought a loan from a friend so that he could pay the accused further. When he told his friend the reason, the friend smelled a rat and Mr Korgaonkar registered a complaint.”

Following the FIR,Matunga police traced the details of the bank accounts to which Mr. Korgaonkar had transferred the money – 16 in all – and, with the help of the Delhi police and arrested the five accused from Delhi on June 6. Officers said that 20 cell phone, a desktop computer and two internet routers were seized following the arrests.

“Following their arrest, the accused have confessed to having similarly cheated hundreds of victims across the state, and we are finding out more about this aspect. Cases have already been registered against the accused with the Dongri, Dadar and DB Marg police stations. They have been remanded in police custody till June 16,” Ms Ambika said.

The accused have been charged with cheating by impersonation, cheating and dishonestly inducing delivery of property and acts done by several persons in furtherance of common intention under the Indian Penal Code, along with relevant sections of the Information Technology Act.