Hyderabad: Businessman held in Rs 1.5-crore loan fraud case

Nagaraju Devu reportedly contacted the complainant, a trader from Hyderabad, offering a business loan; he cheated the complainant in the guise of various fee payments for processing the loan

Hyderabad: The Hyderabad Cybercrime police nabbed a businessman in connection with a Rs 1.5 crore loan fraud case on Friday.

The arrested person was identified as Nagaraju Devu, owner of Finpair Solutions Private Limited in Mumbai and currently residing in Gopanpally.

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Police said Nagaraju created a fake website and also gave advertisements on social media and thereby contacted the complainant, who is a trader from Hyderabad, offering a business loan.

“He collected money in the guise of various fee payments for processing his business loan and cheated the complainant,” the police said.

Following a complaint, the Cybercrime police booked a case and nabbed him.