Hyderabad: The Cyber Crimes team in Hyderabad has caught a man involved in a business loan scam totaling Rs 1.55 crore.
The police arrested Nagaraju Devu, aged 44, from Serilingampally in Rangareddy district. A businessperson from Hyderabad, aged 39, reported the case on February 19. The victim had been looking for financial support online for his business in June 2023 when Nagaraju contacted him. Nagaraju falsely claimed to own Finpair Solutions Private Limited in Mumbai and promised to provide a business loan.
The victim was persuaded to pay several fees to process the loan. He ended up losing Rs 1,55,00,000 through multiple payments up to November 2023, believing his loan would soon be approved, explained the Deputy Commissioner of Police, Cyber Crimes.
Nagaraju set up a fake website with the address finpair.in and promoted it on social media. He offered the victim a business loan and collected money as various processing fees, cheating him in the process.
Cyber Crime officials warn people to be cautious of fake loan ads on social media and websites. They advise verifying these offers thoroughly and avoiding sending money without checking the offer physically. Victims of cyber fraud should call 1930 or visit cybercrime.gov.in immediately.
