An officer said the move came after a complaint was received from a woman who came across an advertisement on Facebook, promising loans with two per cent interest under the scheme. When she spoke to the person, she was asked to give some documents and pay Rs 40,000, following which the person never answered her call. Realising she had been duped, she approached the local Andheri police station where an FIR was registered.

Acting on complaints, the Andheri Police, along with local authorities, raided the illegal setup in Navi Mumbai, arrested 10 persons and seized evidence.

An officer said that the haul included 38 mobile phones, likely used for contacting potential victims, 61 debit cards, bank passbooks, cheque books, and gold ornaments worth nearly Rs 30 lakh. A four-wheeler, a laptop, and a register were also among the seized items.

Investigations revealed the gang held 17 bank accounts linked to their activities. Authorities uncovered seven complaints filed in Maharashtra and 45 in Karnataka connected to the scam. Further investigations were underway to determine the full extent of their operations.

DCP Datta Nalawade said, “It underscores the importance of remaining alert against such predatory schemes and verifying the legitimacy of loan offers before sharing personal information.”