Hyderabad: An interstate fake loan racket was busted by the Hyderabad police on Monday. The five-member gang promised loans up to Rs 20 lakh at low interest rates and allegedly collected lakhs for various charges. They conned 118 victims from TS and AP and 404 from other states. Police suspects that they collected nearly Rs 10 crore.
Three of the accused were arrested. Their bank accounts were seized and was Rs 1.5 crore recovered.
Officials said that one of the accused, Sandeep Juneja, had established a firm, Value Added Cards Private Limited, with a call centre.
Another accused Mahipal Singh Yadav, a BA journalism drop out, established another firm, My Invest Guruju Services Private Limited, of which Rakesh Sharma, another accused, was director.
The profits from selling Value Added Cards were shared in a 45:50 ratio. When they stopped getting profits from selling cards, they came up with fake loan plan.
Telecallers from My Invest Guruju Services would collect mobile numbers, send them to Value Added Cards where the staff would send fake loan approvals to the victims.
“Later, they would ask people to send a DD to Value Added Cards, for fees etc. They would encash the DDs and change their SIM cards,” said Hyderabad police commissioner M. Mahender Reddy.
The arrested are as Mahipal Singh Yadav, Vimal Arora and Shanthanu Kumar, while Sandeep Juneja and Rakesh Sharma are absconding.
