Businessman duped of Rs 14.33 lakh in fake agricultural loan scam
After learning that the victim owned around 10 acres of agricultural land, the caller assured him that the company can sanction loans of up to `1 crore per acre.
By : DC Correspondent
Update: 2026-03-05 17:30 GMT
Hyderabad: A 53-year-old businessman from Medipally has been cheated of Rs 14.33 lakh by cybercriminals, who lured him with the promise of loan for a high-value agricultural land at a low interest rate.
According to the police complainant, the victim received a phone call on December 5 last from an unidentified person claiming to be the customer-relations officer of a finance company. The caller offered agricultural land loans and asked about the victim’s land holdings.
After learning that the victim owned around 10 acres of agricultural land, the caller assured him that the company can sanction loans of up to `1 crore per acre.
The accused later offered to arrange a loan of Rs 10.75 crore at an interest rate of 7 per cent for a tenure of 15 years. To appear genuine, the caller sent an identity card and convinced the victim to share personal documents including the Aadhaar card, PAN card, bank passbook copy and passport-size photographs.
After gaining the victim’s confidence, the accused demanded various payments under the pretext of loan processing. The victim was asked to pay 50,000 as file login charges, 5 lakhs as processing and security deposit, 4.45 lakh for verification and 4.38 lakh towards loan insurance.
Over a period, the victim transferred a total of Rs 14.33 lakh, hoping that the loan would be sanctioned. However, the fraudsters continued to demand more and more money, citing issues with fund transfers.
Realising he was duped, the victim approached the Malkajgiri cybercrime police and lodged a complaint. An investigation is under way.