The Thane loan fraud case has come under investigation after police registered an FIR against alleged fraudster Nikhil Madan Bhoir, Raja Joshi, and another unidentified accused over allegations of cheating multiple individuals through fake business loan promises. According to investigators, a Thane-based builder allegedly paid substantial advance amounts after being assured a ₹15 crore private loan arrangement. Police claim the accused collected money under the pretext of processing fees, stamp duty, and registration expenses before allegedly failing to secure the promised financing. Authorities estimate the total alleged cheating amount currently stands at approximately ₹18.19 lakh.
Thane Loan Fraud Case: Nikhil Madan Bhoir Accused Of Duping Builder And Others Of ₹18.19 Lakh
A Thane-based builder and two other individuals were allegedly cheated of ₹18.19 lakh after being promised large business loans through private financiers, according to police officials.
The Thane loan fraud case has drawn attention after police registered a criminal case against alleged fraudster Nikhil Madan Bhoir, Raja Joshi, and another unidentified accused in connection with alleged financial fraud.
According to police officials, the complaint was filed by a 64-year-old builder who alleged that the accused promised to arrange a massive business loan of ₹15 crore.
The alleged fraud reportedly took place in Maharashtra’s Thane district, while the principal accused, Nikhil Madan Bhoir, is stated to be a resident of Dombivli.
Police officials stated that the accused allegedly convinced the complainant that they could secure financing through a private moneylender in exchange for advance processing-related payments.
According to investigators, the builder transferred and paid approximately ₹13.50 lakh through bank transactions and cash toward alleged processing fees, stamp duty, and registration expenses.
However, police said no loan was ultimately sanctioned, and the complainant allegedly did not receive either the promised financing or a refund of the deposited amount.
Police Register Case Against Nikhil Madan Bhoir And Raja Joshi
Police have registered a case against Nikhil Madan Bhoir, Raja Joshi, and another unidentified individual under provisions of the Bharatiya Nyaya Sanhita (BNS), 2023.
The FIR reportedly invokes Section 318(4), relating to cheating, and Section 3(5), concerning joint criminal liability, under the newly implemented criminal law framework.
According to officials, the accused allegedly approached the complainant in April 2026 and assured him that the proposed ₹15 crore loan would be sanctioned quickly.
Investigators claim the accused used repeated assurances, financial terminology, and documentation-related discussions to gain the complainant’s confidence before allegedly collecting substantial advance payments.
Police sources indicated that after receiving the money, the accused allegedly stopped cooperating and failed to complete the promised financing arrangement.
Authorities stated that efforts are underway to trace and arrest the absconding accused persons involved in the alleged fraud operation.
The case has also raised concerns regarding increasing financial scams involving promises of high-value private funding, business expansion loans, and unofficial finance arrangements targeting entrepreneurs and businessmen.
Similar Allegations Surface Involving Additional Victims
Police officials further stated that investigators have identified at least two additional alleged victims connected to a similar pattern of fraudulent activity.
According to officials, the principal accused, Nikhil Madan Bhoir, allegedly used a comparable modus operandi while interacting with another complainant seeking financial assistance and legal support.
Police alleged that a 42-year-old woman lodged in Aadharwadi Jail was also allegedly targeted through promises related to arranging funds and handling legal work.
Investigators believe the accused allegedly extracted money from multiple individuals without delivering any of the promised loans, funding arrangements, or associated services.
According to police estimates, the combined alleged cheating amount involving all identified complainants currently stands at approximately ₹18.19 lakh.
Authorities have not yet publicly disclosed whether additional complainants may emerge as the investigation progresses further across the Thane district and adjoining areas.
The allegations against the accused remain subject to police investigation, documentary verification, and judicial proceedings before any legal conclusions are formally established by the courts.
Also Read: Ulhasnagar Double Murder Case Takes New Turn.
Growing Concerns Over Private Loan Fraud Networks
The incident has once again highlighted the risks associated with unofficial financing promises and unregulated private loan facilitation networks operating across Maharashtra’s urban business corridors.
Financial crime investigators often caution borrowers against transferring large processing fees or registration amounts before independently verifying lenders, agreements, approvals, and legal documentation connected to proposed loans.
Police officials have urged citizens and business owners to conduct proper due diligence before entering private financing arrangements involving large upfront payments or informal intermediaries.
At the time of publication, no detailed public response from Nikhil Madan Bhoir, Raja Joshi, or any legal representatives connected to the accused had been made available.
As the investigation continues, police are expected to examine financial records, transaction trails, communication exchanges, and possible links to other alleged fraud complaints involving similar promises of business funding.
Readers’ Appeal
Senior crime journalist Unmesh Gujarathi appeals to readers with credible information, documents, photographs, videos, transaction details, or victim accounts related to this alleged loan fraud case to come forward. Public input can help expose wider fraud networks and protect others from similar scams. Contact his team at 9322755098.
Editorial Note:
This article is based on publicly available FIR records, court case references, and reports published by multiple media organisations. The information is presented in the context of ongoing investigations and public interest reporting. Sprouts News does not make any judicial determination regarding the individuals mentioned and does not intend to defame any person or organisation. Any individual seeking clarification or wishing to provide an official response may contact the editorial team with verifiable documentation. The information is presented for journalistic and informational purposes.
