5 Arrested in Rs 2.41 Cr House Loan Fraud

Hyderabad: A house purchased more than two decades ago was allegedly used as collateral in a fraud involving forged sale deeds and bank loans amounting to over ₹2.4 crore, police said.

According to Hayathnagar police, the victim, Nakka Anjaneyulu Goud, had bought the house at RTC Colony in Bagh Hayathnagar through a registered sale deed in 2001. In 2022, facing financial difficulties, he approached Nunavath Yugandhar through an acquaintance, Katroth Bhaskar, seeking a loan of ₹1 crore.

Police said Yugandhar, 34, a businessman, along with Mona Siddu, Katroth Jagadeeshwar Rao, Katroth Bhaskar and Venu Reddy, allegedly conspired to defraud the complainant. As part of the arrangement, the accused reportedly registered the complainant’s house in the name of Mona Siddu, paying him about ₹66-`67 lakh and assuring him that the sale deed would be cancelled once the loan amount was repaid.

However, without the complainant’s knowledge or consent, the property was subsequently transferred from Mona Siddu’s name to Katroth Jagadeeshwar Rao, police said. Using this second sale deed, Yugandhar, Siddu and Jagadeeshwar Rao allegedly secured a loan of ₹2.41 crore from Axis Bank.

During questioning, Yugandhar reportedly confessed to fraudulently investing the loan amount in Hydrolina Bio-Tech Pvt. Ltd., a company in Pochampally, Tamil Nadu, and distributing several lakhs among the co-accused. Police said portions of the funds were shared with Siddu, Jagadeeshwar Rao, Bhaskar and Venu Reddy.

Investigators further revealed that Yugandhar has a history of similar offences, with at least six cheating cases registered against him at different police stations.

Based on a complaint from Anjaneyulu, police registered a case under Sections 406, 420 and 120(B) read with 34 of the IPC. The accused have been arrested and remanded to judicial custody. Further investigation is underway.