Man Held For Cheating Woman In Loan Scam

Police said that on March 2, Rakhi Jain from DV Colony approached some individuals for seeking loan and alleged that a man named Abhijeet, said to be a manager at Utkarsh Finance Bank, introduced her to Sai Chandra, who claimed to be an employee of IDFC Bank, Jubilee Town branch and promised to arrange a loan of Rs 2.80 crore.

Believing the claim, she allegedly paid Rs 10,69,800 through cash and online transfers and also handed over 190 grams of gold jewellery for the preparation of the banking documentation. However, no loan was sanctioned and the accused allegedly fled with the money and gold.

He was apprehended by the police on March 6 near Fatehnagar Bridge. Police seized the car that he was travelling in, Rs 4 lakh cash, and a 160-gram gold biscuit. Another Rs 4 lakh in the accused's IDFC bank account was yet to be frozen.

A case was registered under Sections 316(2), 318(4) r/w 3(5) of the BNS. Police said the accused has a criminal history and was involved in eight other cases across Hyderabad, Malkajgiri, Cyberabad and Khammam commissionerates. Further investigation was underway.