The Bangur Nagar police have arrested a loan fraudster accused of cheating a man by promising instant loans through social media. Rajesh Ramkishore Panda, 46, was apprehended in Bhayander East. It has been alleged that he contacted a 49-year-old man who needed a loan. Panda allegedly gained confidence and collected two EMIs of the loan amount as advance payments along with various charges, including loan processing fees. After receiving the money, Panda ceased communication. Realising that he had been cheated, the victim approached the police last week. Two days later, the police arrested Panda.

“Rajesh Ramkishore Panda, a resident of Bhayander East, is accused of cheating people by promising instant loans through social media. Panda, who has a wife and two children, claims to work multiple jobs, including selling vegetables, real estate brokerage, and arranging loans from private financiers. He asserts that his household expenses are covered by the commissions he earns,” said a Bangur Nagar police officer.