Hyderabad: A Non-Resident Indian (NRI) businessman has fallen victim to a loan scam in Hyderabad, losing Rs 5 lakh to a finance company that promised a Rs 10 crore loan against his property in Banjara Hills.
The company, located in AS Rao Nagar, claimed to offer loans against property but failed to deliver after collecting substantial processing fees from multiple victims.
The NRI businessman initially approached mainstream banks for a loan but faced difficulties. He then came across the finance company through an advertisement and met with its managing director at the company’s headquarters in Trimulgherry.
The MD assured him of a Rs 10 crore loan against his property on Road No. 12, Banjara Hills. However, the company collected Rs 5 lakh as a processing fee without disbursing the loan. The victim received two sanction letters, but the funds were never transferred to his account.
The finance company allegedly duped several victims, including the NRI, by collecting a 0.5% processing fee on the loan amount sought. Collectively, these victims paid Rs 75 lakh in processing fees. The company’s operations were shut down, leaving both customers and employees in distress. Employees reportedly had not received salaries for the past two months.
The Hyderabad police’s Central Crime Station (CCS) has registered a criminal case against the finance company’s management on charges of cheating.
The managing director has been booked for the scam. The police investigation is ongoing, with efforts to bring the perpetrators to justice.
