HYDERABAD: The Hyderabad Task Force sleuths arrested three persons including a Kerala-based businessman for allegedly duping people on pretext of providing bank loans. The accused have collected `3 crore and duped 100 customers. The arrested persons are -- Sateeshan Palayad(63), resident of LB Nagar and native of Kerala, S Ram Nivas(38), admin Manager in Universal Axis India, Chennai and S Hari Nivas(40), acting as Valuator in “Universal Axis India”, Chennai.
The accused Sateeshan Palayad completed his M A in Economics and Political Science and shifted to Chennai where he started finance business for films. He runs a business Universal Axis India in Chennai. The accused attracted customers with his communication skills. He advertises it through social media that he would provide loans by mortgaging the property at lower rate of interest, less than bank interest, and also provide medical college seats in MBBS on commission basis.
“The accused used to collect one per cent processing fee, two per cent commission and stamp duty and one month EMI in advance including valuation charges and other expenses depends upon the requirement of loan amount and used to collect huge amounts from customers/innocent public. Later, he duped customers not providing loans. He indulged in similar offences in Narayanaguda, and several places in Andhra Pradesh,’’ the Police Commissioner Anjani Kumar said.
The accused was arrested and shifted to judicial remand. After released from jail, he shifted his business activities to Chennai where he resumed his illegal activities. The accused hatched a plan with other accused in collecting mobile numbers and make call them offering bank loans at low interest by collecting amount. The accused duped around 100 persons in the city and Chennai on pretext of providing bank loans and collected `3 crore.
Online betting racket busted, six arrested
An online cricket betting racket which had put bets on ongoing tri-series between Pakistan, Australia and Zimbabwe was busted by Rachakonda police on Friday. Five persons, including main organiser, were arrested and `2.09 lakh cash, along with betting equipment, were seized. Commissioner Mahesh Bhagwat said that the main accused Venkataratnam Naidu, native of Krishna district, had worked as a cashier at a wine shop at Vijayawada, where he started betting through mobile apps. After shifting to Hyderabad in Dec 2017, he launched betting on a large scale. The gang had reportedly put bets on Australia Vs Pakistan match on Thursday.