Man held for cheating property owners of ₹10 crore in loan fraud

A 34-year-old man has been arrested in Hyderabad after allegedly defrauding more than 30 property owners of approximately ₹10 crore through a sophisticated loan scam. The accused, Nunavath Yugandhar of Kondapur in Ranga Reddy district, was taken into custody by the Economic Offences Wing (EOW) Team-V of the Central Crime Station (CCS) police. According to authorities, Yugandhar promised victims that he could secure bank loans using their properties as collateral, only to later transfer ownership of these properties to third parties and take out large sums from financial institutions. Yugandhar's arrest followed an investigation into multiple complaints filed by individuals who discovered their properties had been illegally transferred and used as collateral for loans they were unaware of. One of the complainants reportedly received ₹60 lakh from Yugandhar as part of the arrangement, which included a sale deed and a memorandum of understanding stating that he would not sell the property. However, police allege that Yugandhar used this document without the complainant’s consent to transfer the property to another person and secure a ₹1.50 crore loan from Axis Bank. The fraud was uncovered when the bank began sending notices demanding repayment of the loan, prompting the complainant to investigate further and discover the unauthorized transfer. This led to the filing of a complaint, which triggered the police investigation. Authorities have confirmed that Yugandhar has been involved in over 20 criminal cases in Telangana and Andhra Pradesh since 2016, including 12 similar criminal cases, eight civil cases, and several under the Negotiable Instruments Act. He was also wanted in four other cases prior to his arrest. The CCS police have warned the public to remain cautious when dealing with unverified financial consultants who offer to arrange loans against properties. They emphasized the importance of verifying the legitimacy of such services and ensuring that all legal documentation is properly executed and understood before signing any agreements involving property transfers. Yugandhar was presented before a local court following his arrest and was remanded in judicial custody. The case is expected to proceed with further investigations into the extent of the fraud and potential involvement of other individuals or entities. The police are also looking into whether there were accomplices or if other properties were similarly affected by the scheme. Authorities have indicated that they will continue to pursue leads related to the scam, including examining the financial records of the banks involved and tracing the flow of funds. They have also urged anyone who believes they might have been a victim of similar schemes to come forward and report the incident promptly. The incident highlights the growing concern over financial scams involving real estate and underscores the need for increased vigilance among property owners. As the investigation unfolds, more details about the scale of the fraud and the identities of those potentially involved are likely to emerge. Meanwhile, the accused faces serious charges and could face lengthy imprisonment if found guilty of the allegations against him.