Bollywood producer held for defrauding businessman of INR 20 lakh

Bollywood producer and director Ajay Yadav has been arrested by police in Mumbai on charges of defrauding a Delhi-based businessman of INR 20 lakh.

The businessman, who operates an alcohol distillery, urgently needed an INR 200 crore loan. Yadav, who had claimed to be the owner of a private finance company, offered to provide it within a few weeks, reported Mumbai Mirror.

The businessman collected the amount from friends and family and was hesitant initially.

“Sanjay Lamba [businessman] stated that Yadav had assured him of providing him Rs 200 crores loan to his Sainov Spirits Private Ltd company for 10 years on 10% interest. After final talks and basic documentation, accused Ajay Yadav asked the applicant to deposit Rs 20 lakhs for the franking and registration fee of documents,” a police officer said.

The amount was transferred by the applicant on February 15 following which Yadav switched off his phone without giving loan, the officer added.

Yadav has produced five films — Overtime, Bhaddas, Run Banka, Suspense and Love Phir Kabhi. His upcoming film Sakshi is scheduled for an April release this year.