Hyderabad: Man held for duping people with promise of bank loan

Hyderabad: The Central Crime Station (CCS) has arrested an alleged fraudster accused of cheating people by promising to arrange bank loans, police said on Saturday, August 15.

The accused, 34-year-old Nunavath Yugandhar, is allegedly involved in over 20 cases in Andhra Pradesh and Telangana and has had a criminal record since 2016.

Yugandhar allegedly promised financial assistance of Rs. 60 lakh to the complainant and executed the sale deed along with an MoU stating that he would not sell the property.

However, he allegedly sold the same property to another person, facilitating a loan of about Rs 1.50 crore from Axis Bank and defaulted to repay.

The complainant learnt he had been cheated when he received a loan repayment notice from the bank.

Criminal record since 2016

Police said Yugandhar is involved in 12 similar criminal cases and also faces eight cases under civil laws and the Negotiable Instruments (NI) Act, which governs financial instruments such as cheques.

They said he has thus cheated over 30 people for Rs 10 crore under the guise of providing a loan against their properties.

He has been arrested and produced before the court for judicial custody.