India, Aug. 18 -- A businessman from Malad was allegedly duped of Rs.29 lakh by three individuals who promised him loan for expanding his business and demanded the amount for processing the loan of Rs.1 crore. After the businessman made payments to various accounts as instructed by the accused, they could no longer be contacted, the police said.

According to the police, the complainant Narpatram Bhuparam Dewasi, a resident of Malad, owns an imitation jewelry packing business. He came across a mobile app that provided easy loans. He installed the app in June and applied for a Rs.1-crore loan, after which a person named Nitinkumar called him and said he was eligible to avail the loan under the Pradhan Mantri Mudra Yojana, said a police off...