Man held for buying gadgets using fake docus and loan default

A 45-year-old man was arrested from south Mumbai for allegedly duping financial firms by buying electronic gadgets on loan from showrooms using fake documents of his non-existing bank accounts, a crime branch official said on Monday.

The accused, identified as Diwakar Jaiswal, used to sell these products at cheaper rates after defaulting on the monthly loan instalments, the official said, adding that the accused has a number of cases of fraud pending against him.

"After making the down payment, Jaiswal would stop paying the instalments. Subsequently, he would sell these products in market at a cheaper rate," the official said.

He was arrested on February 1 on the basis of an FIR registered against him in Dadar in November last year, after he allegedly purchased mobile phones worth Rs 27000 using similar modus operandi, he added.

Prima facie, Jaiswal has defrauded 12 shops to the tune of Rs 15 lakh, the official added.