Now Reading: Telangana man arrested for Rs 10 crore property loan fraud
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Telangana man arrested for Rs 10 crore property loan fraud
The Central Crime Station police have arrested Nunavath Yugandhar, 34, for allegedly cheating over 30 property owners of about Rs 10 crore. The Economic Offences Wing said Yugandhar promised to arrange bank…
The Story in Brief
The Central Crime Station police have arrested Nunavath Yugandhar, 34, for allegedly cheating over 30 property owners of about Rs 10 crore. The Economic Offences Wing said Yugandhar promised to arrange bank loans against properties, then transferred the deeds to third parties without the owners' knowledge. In one case, he took Rs 60 lakh from a complainant, executed a sale deed with a promise not to sell, but later transferred the property and obtained a Rs 1.50 crore loan from Axis Bank using it as collateral.
Police say Yugandhar has been involved in over 20 criminal cases in Telangana and Andhra Pradesh since 2016, including 12 similar fraud cases. He was produced before a court and remanded in judicial custody. The CCS has warned the public against approaching unregistered finance consultancies offering property loans.
The Indian Opinion
Loan frauds like this one exploit trust in property documents and bank processes. The narrative often blames only the borrower, but banks too must verify sale deeds and collateral before disbursing crores. The real test will be whether Axis Bank tightens its due diligence after this case, or whether the system waits for the next victim to come forward.
Source: thehindu.com
This story was synthesised by AI from the source linked above.
