Hyderabad businessman duped of Rs 1.55 crore in loan fraud

Hyderabad: A Hyderabad-based businessman was duped of Rs 1.55 crore after he applied for a loan through an online source.

According to the police, they received a complaint on February 19, 2025, from a 39-year-old businessman stating that in June 2023, while searching for financial assistance for his company online, he was contacted by the accused, Nagaraju Devu, claiming to be the owner of Finpair Solutions Private Limited. The accused then offered to provide the victim with a business loan.

Following this, the victim was asked to transfer money as part of various fees. The victim ended up transferring Rs 1.55 crore over multiple transactions till November 2023.

After transferring the money, the victim was made to believe that his loan would be sanctioned soon; however, when this did not happen, the victim reached out to the police.

The police registered a case under section 66(C)(D) of the IT Act, and sections 419 and 420 of the Indian Penal Code (IPC). The accused was recently arrested by the cybercrime team of Hyderabad city.

According to the police, the accused had created a fake website called finpair.in and gave advertisements on social media, after which he subsequently contacted the victim and defrauded him.

Appeal to the public

Hyderabad police have warned the public against advertisements on social media and other websites offering loans at lower interest rates. The public has been advised to thoroughly verify such ads before responding to such offers.

Victims of cyberfraud are encouraged to reach out through the helpline number 1930 or visit their official website.