Man cheats woman of ₹60 lakh in Hubballi, arrested

Hubballi

In a shocking case of fraud, a man duped a woman of ₹60 lakh by promising her a massive loan and handing over fake currency in return. The incident occurred in Hubballi, and the accused, Mohammad Asif, is originally from Mysuru.

According to police sources, Mohammad Asif promised a Pune-based woman a loan of ₹50 crore at a low interest rate to help with a building construction project. Claiming it was a processing charge, he collected ₹60 lakh from her. As the first installment of the supposed loan, he handed over ₹1.87 crore packed in two suitcases.

Trusting him, the woman did not check the contents immediately. However, when she later opened the bags in her hotel room, she was shocked to find that most of the currency was counterfeit. Only the top notes in the bundles were genuine ₹500 bills, while the rest were fake.

The woman had come in contact with Asif a year ago in Mysuru. Claiming to have connections with large finance companies and experience in securing high-value loans, Asif gained her trust. She approached him for a ₹50 crore loan to support her daughter’s construction business in Mumbai.

Asif called the woman to Hubballi on June 5, promising to give her ₹2 crore as the first installment. He met her near a hotel on Gokul Road and handed over the fake money. After realizing the fraud, the woman filed a complaint with the Central Crime Branch (CCB) police, and a case was registered at the Vidyanagar police station.