Bandlaguda police arrested a 24-year-old man for allegedly cheating people by posing as the owner of a rented house and using forged documents to secure loans. Four accomplices involved in the fraud are absconding, police said.
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
It was alleged that the private company based at Gurugram/Delhi had availed a term loan facility of Rs 515 crore approximately from Yes Bank in December 2017.
