Hyderabad: Fake loan racket busted, 3 held

Hyderabad: The Cyberabad police on Monday detained three persons who were cheating people on the pretext of providing loans. The police seized 17 debit cards of different banks, three bank passbooks, four smartphones and fake loan offer and confirmation letters from them.

The arrested persons are Subash Kumar, Shreekanth Kumar and Amit, who are involved in nine cases in Cyberabad.

The gangs post online advertisements for quick loan disbursals using the names of trusted financial companies and mention their contact numbers alongside. When loan aspirant clicks on the advertisements or its link, sends a message or makes a call to them, they promise loans.

Under the guise of sanctioning and transferring the loan amount, the fraudsters collect money from victims towards various charges like loan insurance fee, loan agreement charge, GST, loan processing fee, and dupe them, said Stephen Raveendra, Commissioner of Police Cyberabad.

The money collected from victims is taken into mule bank accounts sourced by fraudsters. Later, all payments made by victims are transferred multiple times through various accounts to prevent detection and finally withdrawn, said the officer.

The accused sourced and sold more than 675 mule bank accounts and 725 mule SIM cards and the committed fraud, he added.