A young man seeking financial assistance has tragically taken his own life after falling victim to a predatory loan scam. The victim, Sandeep Parmar, was allegedly driven to suicide by the relentless harassment and threats of bank officials and agents involved in the fraudulent scheme.
According to a police complaint filed by Sandeep’s brother, Kuldeep Parmar, the ordeal began in 2013 when Sandeep needed money. He approached his employer for assistance, who connected him with agents from Color Merchant Bank. These individuals promised to secure a loan for Sandeep using his house as collateral.
The process quickly turned into a web of deceit. Sandeep was manipulated into signing documents, opening bank accounts, and handing over his personal financial information. Despite completing all the necessary steps, he never received the full loan amount.
Instead of receiving the promised funds, Sandeep was bombarded with calls and threats from the bank manager, Atul Shah, and agents Hiren Sompura, Pawan Sompura, and Chintan Shah. They demanded immediate repayment of installments on a loan that Sandeep had never truly received.
Driven by fear and desperation, Sandeep even took out a top-up loan upon the advice of the scammers. However, this only served to deepen his financial burden. Even with the support of his family, he struggled to keep up with the inflated installment amount.
During the COVID-19 pandemic, the harassment intensified. The accused, fueled by their greed, subjected Sandeep to verbal abuse and humiliation, further worsen his mental anguish.
Adding to his suffering, Sandeep discovered that someone had opened an account in his name at another bank and was conducting fraudulent transactions. This discovery shattered any remaining hope he had of escaping the clutches of the scam.
Unable to withstand the mounting pressure and seeing no way out, Sandeep made the tragic decision to end his life by hanging himself.
The Vejalpur Police have registered a case against the bank manager, agents, and other individuals involved in the fraudulent scheme. The investigation is ongoing, with the hope that justice can be served for Sandeep and his family.
This heartbreaking incident serves as a stark reminder of the devastating impact of loan scams and the importance of holding predatory individuals accountable for their actions. It also underscores the need for financial literacy and awareness to help individuals avoid falling victim to such schemes.
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