Four More Arrested in Illegal Finance and Loan Fraud Network; Total Rises to Seven

The Freedom Press

Hyderabad Nov 05: In a major crackdown on an organised illegal finance and loan fraud network, Malkajgiri Police have arrested four more accused, taking the total number of arrests to seven in cases registered at LB Nagar, Neredmet and Keesara police stations.

The operation was carried out under the supervision of Malkajgiri Police Commissioner B. Sumathi, IPS, and the guidance of LB Nagar Zone DCP B. Anuradha, IPS, and SOT DCP K. Manohar. The LB Nagar Zone Special Operations Team (SOT) and LB Nagar Police jointly pursued the investigation.

According to police, the accused allegedly targeted financially distressed individuals by offering fraudulent loan promises, charging exorbitant interest rates and resorting to threats and intimidation for recovery of money.

During the operation, police seized vehicles, mobile phones, blank cheques, promissory notes, property documents and cash, which are believed to be linked to the alleged illegal financial activities.

Police have cautioned the public against falling prey to fraudulent lending schemes and advised people not to sign blank cheques or promissory notes. Citizens have been urged to remain vigilant and report instances of financial exploitation to the police.