Man held for Rs 10 crore property loan fraud

The Central Crime Station (CCS) police arrested 34-year-old Nunavath Yugandhar for allegedly cheating over 30 property owners of about Rs 10 crore. The Economic Offences Wing of the CCS arrested him in Hyderabad, and police said he has been involved in more than 20 criminal cases in Telangana and Andhra Pradesh since 2016.

Yugandhar allegedly provided Rs 60 lakh as financial assistance to a complainant and executed a sale deed with an MoU promising not to sell the property. However, he transferred the property to a third party without the complainant's knowledge and facilitated a loan of Rs 1.50 crore from Axis Bank using the property as collateral. The fraud came to light when the bank sent loan repayment notices to the complainant.

Police said Yugandhar has 12 similar criminal cases and eight civil and Negotiable Instruments Act cases, and is wanted in four other cases. He was produced before a court and remanded to judicial custody. The CCS advised the public to be cautious before handing over property documents to finance consultancies.