Five held for posing as Mudra Loan officials in Hyderabad 'Online Loan Fraud'

The Hyderabad Cybercrime Police on Wednesday arrested five key suspects in an online loan fraud racket that allegedly duped several people posing as representatives of Mudra and other loan services.

The arrested persons are B Arun, G Bharath, S Thirupathi, V Tharun and Ch Shyam, all natives of Warangal district.

According to police, the gang lured victims through fake loan websites and social media advertisements promising quick and hassle-free loans without processing charges. 

In one case, a 36-year-old woman from Hyderabad



lost nearly Rs 1 lakh after being assured that a Rs 3 lakh loan had been sanctioned in her name.

The woman had noticed a loan advertisement on Instagram and she received a call from a person claiming to be an official from ‘Mudra Loan Services,’ who told her that a loan of Rs 3 lakh had already been approved. 

She was asked to share her account details and pay money for loan disbursal. When she sought a refund, they kept asking for more payments.

Based on her complaint, a case was booked and the suspects were tracked and nabbed.