Two held for cheating by promising personal loans

Two officials of a Noida-based company have been arrested by the Cyber Crime Police here for allegedly cheating more than a thousand people from across the country after promising loans at low interest rates and collecting hefty 'processing fees'.
The Cyber Crime Police apprehended Sandeep and Mukesh Agarwal, directors of Value Added Card Pvt Ltd, on November 26. They allegedly acted in connivance with Mahipal Singh Yadav (arrested in September) of My Invest Guruji Pvt Ltd and another person called Sandeep Juneja, police said.
The tele-callers of Invest Guruji Services called people all over India on behalf of Value Added Card, offering loans at low interest rates and without any collateral.

If the person showed interest in taking a loan, his name would be sent to 'Value Added Card'.
'Loan approvals' would be sent in the name of Value Finvest Finance, a fake company created by Juneja, and the loan-seeker would be asked to pay anything between Rs 15,000 to Rs 5,00,000 by cheques in the name of Value Added Card as a 'processing fee'.
Once the cheque was encashed, the company staff would stop responding to the applicant's calls by discarding the SIM from which the calls were made.
The proceeds would be split between Value Added Card and My Invest Guruji in the 35:65 ratio.

While Mahipal Singh Yadav was arrested in September, Preventive Detention Act was invoked against him yesterday, police said, adding further investigation is underway.