Hyderabad: Businessman duped of Rs 20 lakh

Fraudsters approached the victim, and offered financial assistance of Rs 90 cr from corporate entities and took Rs 20 lakh for loan process from the victim

Hyderabad: Fraudsters duped a businessman to the tune of Rs 20 lakh in Panjagutta.
Police said P Nageswara Rao, MD of Sindura Paper Pvt Ltd in West Godavari of Andhra Pradesh and a resident of Hilltop Colony here, alleged that due to slump in the market, the company has been under the process of asset restructuring, particularly in view of outstanding payments to bankers.

It was during March 2020, fraudsters approached him offering to arrange financial assistance of Rs 90 crore from corporate entities.

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“After several discussions with him, they promised him that they will arrange the required sum. An agreement was entered and he paid Rs 20 lakh for loan process,” the police said. But he neither received the loan assistance of Rs 90 crore nor the deposit amount.

Apart from this, they produced fake loan sanction letter from Google India Digital Services Pvt Ltd with the information that his loan process was under way. Based on a complaint, the Punjagutta police booked a case and are investigating.

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