33-Year-Old Held For Financial Scam In Karimnagar
He reportedly used fake bank drafts to make his offers appear genuine and extracted additional payments in the name of 18% GST and other charges: Reports
KARIMNAGAR: The Gangadhara police arrested a 33-year-old man for allegedly duping several people through fraudulent loan and insurance schemes in Karimnagar district.
Sub-inspector V. Vamshi Krishna said the accused, Domala Ramesh, a resident of Gangadhara mandal, floated Anjaniputra Loans and Insurance Company two months ago. He lured applicants with promises of loans for house construction, repairs and top-ups and collected a token fee of ₹5,300 from each. In one case, he extorted ₹66,000, assuring a ₹15-lakh loan. When questioned, he allegedly avoided victims with excuses.
Ramesh also targeted lapsed insurance policyholders, convincing them to buy new policies in his company. He reportedly used fake bank drafts to make his offers appear genuine and extracted additional payments in the name of 18% GST and other charges.
After collecting large sums from the several victims, Ramesh shut down his business.
After realising that they were cheated, 25 victims lodged complaints with Gangadhara police who registered a case and arrested Ramesh. The police warned the public to remain vigilant against similar scams including one offering groceries for ₹2,700.