Hyderabad Police Arrest Man in ₹10 Crore Property Loan Fraud
The Central Crime Station (CCS) police have arrested a 34-year-old man accused of cheating over 30 property owners of approximately ₹10 crore by promising to arrange bank loans against their properties and then transferring the properties to third parties.
The accused, Nunavath Yugandhar, a resident of Kondapur in Ranga Reddy district, was taken into custody by the Economic Offences Wing (EOW) Team-V of the CCS Detective Department. Police said he has been implicated in more than 20 criminal cases in Telangana and Andhra Pradesh since 2016.
According to the police, Yugandhar provided ₹60 lakh as financial assistance to a complainant and executed a sale deed along with a memorandum of understanding stating that he would not sell the property. However, he allegedly used the sale deed without the complainant's knowledge, transferred the property to a third party, and facilitated a loan of about ₹1.50 crore from Axis Bank by offering the property as collateral.
The fraud came to light when the bank sent repayment notices to the complainant, who then discovered that the property had been transferred and used to obtain the loan.
Police investigations revealed that Yugandhar is involved in 12 similar criminal cases and eight civil and Negotiable Instruments Act cases, in addition to being wanted in four other cases. His alleged method involved targeting property owners by offering to arrange loans against their properties, then misusing the documents to execute transactions and obtain loans.
The accused was produced before a court and remanded in judicial custody.
The CCS police have cautioned the public against approaching fraudulent finance consultancies that offer loans against properties. They advised citizens to exercise caution before handing over property documents or executing sale deeds in such arrangements, emphasising the need for thorough verification of the credentials of any financial intermediary.
