Hyderabad: Businessman duped of Rs 25 lakh

Hyderabad: A city-based businessman was on Wednesday duped of Rs 25 lakh by a conman who was posing as a bank official.

The victim was identified as V Ravi Kumar, a resident of KPHB, who had set up a firm at Punjagutta. Kumar and his brothwer Rajesh had borrowed a loan of Rs 81 crore from a private bank in order to set up their firm.

The brothers suffered a loss due to the pandemic and were unable to repay the loan in the stipulated time. Following a series of discussions between the bank and the firm, a one time settelment was agreed upon. Kumar managed to pay the first installment worth Rs 7 crore.

The police said that conman identified as P Vikram contacted the brothers promising to settle the loan at Rs 47 crore after consultation the bank. Vikram charged them a fee of Rs 25 lakh, trusting the accused the brothers paid the amount to him.

Sensing that there was no progress regarding the settlement, Kumar approached the bankonly to learn that he was cheated. Upon being contacted,Vikram refused to repay the amount and began threatening Kumar.

The Punjagutta police have registered a case and the investigation is underway.