Man apprehended in Rs 1.55 cr business loan fraud
Police arrested NagarajuDevu, 44, from Serilingampally, Rangareddy district. According to police, a complaint was lodged on February 19 by a 39-year-old business person from Hyderabad. The victim had been searching online for financial assistance for his company in June 2023 when he received a call from the accused, Nagaraju, who falsely claimed to be the owner of Finpair Solutions Private Limited, located in Mumbai, and allegedly offered to provide business loans.
'The victim was subsequently convinced to deposit money towards various fees to process his business loan. In total, the victim suffered a financial loss of Rs 1,55,00,000, paid in multiple transactions until November 2023. The victim had maintained the belief that his loan would be sanctioned imminently,' stated the Deputy Commissioner of Police, Cyber Crimes.
The accused had created a fraudulent website with the URL finpair.in and advertised on social media. They then contacted the victim, offered a business loan for his company, and collected money under the guise of various fee payments for processing the loan, thereby defrauding him.
Cyber Crime officials advise citizens to be wary of fake advertisements on social media and other websites offering loans at unusually low interest rates. They urge the public to verify all such offers carefully and thoroughly before responding. Crucially, they stress not to send money to any account without physical verification of the offer. Victims of cybercrime fraud can immediately dial 1930 or visitcybercrime.gov.in.
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