Madhapur Trader Duped In ₹2 Crore Loan Fraud
A fraudster who promised to arrange a business loan and later routed transactions worth nearly ₹2 crore through them.
HYDERABAD: A 59-year-old businessman from Madhapur approached the police after his company bank accounts were misused by a fraudster who promised to arrange a business loan and later routed transactions worth nearly ₹2 crore through them.
According to the complaint, a representative of Shilpa Electricals Engineers and Sai Krupa Constructions, opened accounts with a bank. In July 2025, he was contacted via WhatsApp by a person identified as Dharmarapu Venkanna, who claimed he could facilitate a business loan.
The accused insisted that company bank accounts were required for processing the loan and obtained relevant documents from the complainant. He further convinced the businessman to grant temporary access to the accounts, assuring him it was necessary to credit the loan amount.
Trusting the claims, the complainant allowed access. However, he later discovered that multiple credit and debit transactions amounting to approximately ₹2 crore were carried out through the accounts without his knowledge or consent.
Though the complainant did not suffer direct financial loss, the issue came to light after company managers found the accounts frozen. Bank officials informed him that suspicious and fraudulent transactions linked to multiple complaints had led to the freeze.