A 34-year-old man from Kondapur has been arrested for orchestrating a loan-for-property scam, deceiving over 30 property owners and embezzling approximately ₹10 crore through illegal transfer of properties and forged documents.
Police in Hyderabad have arrested a 34-year-old man accused of cheating more than 30 property owners out of about ₹10 crore in a loan-for-property scam, according to The Hindu and other Indian outlets. The suspect, Nunavath Yugandhar of Kondapur in Telangana’s Ranga Reddy district, is alleged to have offered to secure bank loans against people’s properties and then used the documents to move the properties to third parties.
Investigators from the Economic Offences Wing of the Central Crime Station said Yugandhar had already given one complainant ₹60 lakh in financial help and arranged a sale deed and memorandum of understanding promising not to sell the land. Police said he later relied on the sale deed without the owner’s knowledge, transferred the property and helped obtain a loan of about ₹1.50 crore from Axis Bank using the property as collateral. The fraud only came to light when the bank demanded repayment from the original owner, who then discovered the transfer.
Police said Yugandhar has been named in more than 20 criminal cases in Telangana and Andhra Pradesh since 2016, including 12 similar cases, eight civil and Negotiable Instruments Act matters, and four cases in which he was wanted. He was produced before a court and remanded in judicial custody. Officers have warned the public to be cautious of finance consultancies that offer loans against property and to avoid handing over title papers or signing sale deeds without proper legal scrutiny.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
