Jaipur: The city police Friday arrested a 30-year-old former employee of a finance company for allegedly orchestrating a loan scam involving the embezzlement of Rs 11.40 lakh. The accused was identified as Narendra Kumar Yadav, a resident of Govindgarh.Additional DCP (North) Bajrang Singh Shekhawat said that the case was registered on March 2 at the Jalupura police station, following a complaint by company officials. The complaint alleged that Yadav, along with another agent, Naresh Kumar Verma, and others, defrauded the company and its loan holders before going underground.The accused, while working as a field agent, facilitated loan disbursals to about 24–25 clients, many of whom were persuaded to take loans far beyond their financial needs. Yadav then convinced them to return up to 70% of the disbursed amount to the company under the false pretext of a refund policy. Instead, he siphoned off the returned money for personal gain.The company detected the fraud while auditing financial records, which revealed a consistent pattern of forged paperwork, inflated loan amounts, and unauthorised fund diversion. Police said a technical investigation was launched immediately, leading to the identification and arrest of Yadav.Preliminary findings suggest that several loan holders may have knowingly participated in the scam by accepting inflated loan amounts and returning partial sums to the accused. These individuals are now also under investigation.Police are continuing to trace other suspects and examine whether additional employees or agents were involved in the racket. “Investigators are also probing why borrowers agreed to return up to 70% of the sanctioned loan amount, unless there was some sort of under-the-table arrangement involved,” a senior official said.
