KOCHI: Housing and business loans without a CIBIL score! Besides, takeover of loans that are in default. This was the lucrative offer put forward by a racket involving Tamil Nadu natives and operated from a Kochi address, which duped crores of rupees from gullible people. Hundreds of people have fallen prey to their fraud.
Lingamurthy aka Ramalingam, 53, and Shanmukhavel Namasivayam, 40, who have now been arrested from Pudukkottai in Tamil Nadu, offered home loans and business loans without considering CIBIL score and collected 10% of the loan amount in advance from customers as processing fee.
Besides, they offered to take over the loans in default. They told customers that it would take about five months for the processing. They had opened a firm named Money Max Home Fin on MG Road in the city in January 2020. But after five months, they shut down their office on MG Road and fled to TN, a police official said. They were arrested from Pudukottai by an investigation team led by Ernakulam Central Police Station Inspector S Vijayashankar.