Hyderabad: Five held for posing as Mudra Loan officials in Rs 1 lakh scam

Hyderabad Cybercrime Police arrested five men for running a fake online loan racket posing as Mudra officials. A 36-year-old woman lost nearly Rs 1 lakh after being promised a Rs 3 lakh loan. Police are tracing the money trail.

Hyderabad: The Hyderabad Cybercrime Police on Wednesday arrested five key suspects in an online loan fraud racket that allegedly duped several people posing as representatives of Mudra and other loan services.

The arrested persons are B Arun, G Bharath, S Thirupathi, V Tharun and Ch Shyam, all natives of Warangal district.

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According to police, the gang lured victims through fake loan websites and social media advertisements promising quick and hassle-free loans without processing charges. In one case, a 36-year-old woman from Hyderabad lost nearly Rs 1 lakh after being assured that a Rs 3 lakh loan had been sanctioned in her name.

The woman had noticed a loan advertisement on Instagram and she received a call from a person claiming to be an official from ‘Mudra Loan Services,’ who told her that a loan of Rs 3 lakh had already been approved. She was asked to share her account details and pay money for loan disbursal. When she sought a refund, they kept asking for more payments.

Based on her complaint, a case was booked and the suspects were tracked and nabbed.

Officials said the suspects were part of an organised network operating fake call centres from Kolkata and Delhi. They were provided with mobile phones, SIM cards, bank accounts and customer data segregated by State.

“The gang made hundreds of calls to potential victims in Telangana and Andhra Pradesh, collecting money under the guise of processing fees, TDS and other charges. The suspects were allegedly paid commissions for the amounts collected,” said a senior official from Cybercrime police.

Efforts are on to trace the money trail, freeze bank accounts linked to the fraud and apprehend other absconding members of the network.

Victims of cyber fraud can Dial on 1930 or report at cybercrime.gov.in.