Thane Textile Director Alleges Rs 20.58 Crore Fraud Over Loan, Govt Contract Promises

A director of a textile company in Maharashtra's Thane district was allegedly cheated of Rs 20.58 crore by five persons who promised to arrange loans for factory expansion and secure government school uniform supply contracts, police said on Saturday. The Kongaon police have registered a case of cheating and criminal conspiracy following a complaint by Tushar Premchand Gosarani, director of Chur Textiles Ltd.

According to the complaint, the alleged fraud took place between 2020 and December 2025, when the accused approached Gosarani with assurances that they could facilitate financial assistance for expanding his factory and help secure contracts for supplying uniforms to state government schools.

The accused have been identified as Anubhav Mittal, Rajni Mittal, Rajesh Kumar and Afsar Ali, along with their associates, an official said. The complainant alleged that the accused collected various documents from him, including signed blank cheques, company letterheads and security documents, ostensibly for arranging the promised loans and contracts.

However, instead of fulfilling their assurances, they allegedly misused the documents and siphoned off money from the complainant, police said. Of the total alleged amount, Rs 2.95 crore was allegedly misappropriated in cash, while another Rs 17.63 crore was transferred through bank transactions, according to the complaint.

The accused allegedly failed to arrange the promised financial assistance or secure the government school uniform contracts despite receiving the money, the official said. Based on the complaint, police registered a case against the five accused and their associates under relevant provisions relating to cheating and criminal conspiracy.

No arrests have been made so far, and the investigation is underway, police said. Investigators are examining the financial transactions, documents and other material related to the alleged fraud to establish the exact sequence of events and determine the role of each accused.

Police are also likely to verify the alleged promises concerning loans and government contracts as part of the probe. The case comes amid the use of financial and contractual assurances by intermediaries to solicit large sums from businesses, though the allegations in this case are yet to be established through investigation or trial.