Hyderabad: A conman who was jailed thrice since 2012 for cheating loan seekers and job aspirants, was arrested along with two of his two associates by the West Zone Task Force on Thursday.
Police said Sateeshan Palayad, 63, sets up new establishments every time he is released.
He has allegedly cheated as many as 100 persons under the guise of securing bank loans and helping medical aspirants get a seat, police said.
The gang had cheated people from Telangana state, Andhra Pradesh and Tamil Nadu of Rs 3 crore over three decades.
Palayad had started his operations after completing his masters in 1978, said Hyderabad police commissioner Anjani Kumar.
“He used to set up offices in posh localities to attract customers. All his businesses were a sham, he said.
In the latest attempt, Palayad started cheating people from November 2017 after his release from prison.
“He would lure people with his communication skills and convince them of providing mortgage loans at lower interest in lieu of a commission. He convinced his victims that he was well-connected with big names in the South Indian film industry,” Mr Kumar said.
Palayad stayed in Vanasthalipuram but operated his business from Chennai with the help of the two other accused.
DCP, Task Force, P. Radha Kishan Rao identified Palayad’s associates as MBA graduate Hari Nivas and Ram Nivas, 38, who helped him operate the company called Universal Axis India.
“The gang collected contact numbers of businessman through social media and would then trap them by telling them about their connections in the film industry and showing them around their decorated offices in Chennai,” he said.
The gang faces nine cases at police stations of Hyderabad, Cyberabad, Nagapattinam in Tamil Nadu and Andhra Pradesh.
