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Hyderabad Man Dupes Friends of Rs 3.7 Crore After Promising Handsome Returns by Making Them Avail Personal Loans, Arrested

·2-min read

Hyderabad, September 25: A shocking incident has come to light from Hyderabad where a fraudster duped his friends to the tune of Rs 3.73 crore by making them avail personal loans and promising attractive returns. According to a report by TOI, the fraudster duped his six friends of the whopping amount by asking them to take personal loans with a false promise to repay their EMIs. The accused also promised them he would also give them an additional amount of about 30 percent.

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The accused has been arrested after a cheating case was registered against him by Jwala Reddy, a software engineer in 2019. The accused, identified as P Suresh Babu is a native of Yemmiganur in Kurnool, had since then been on the run. The TOI report states that he managed to fool the cops by frequently changing his addresses and phone numbers but was finally nabbed on Saturday. Mumbai Woman Duped of Rs 1.49 Lakh By Cyber Fraudsters On Pretext of Providing High Returns For Playing Online Game.

The report adds that Babu duped Jwala Reddy and his five friends by making them give him the money that they managed to obtain through personal loans as directed by him. Babu convinced them that he will invest the money in the stock market and real estate to get good returns and will pass on the benefit to all of them. To make it look genuine, the accused signed bonds agreeing to pay the EMIs and also provide 30 percent of the loan amount as profit annually to all the six victims of the fraud.

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However, after obtaining Rs 3.73 crore, the accused transferred all the money to his wife’s account. The friends suspected something wrong when he started avoiding them and their calls, following which one of the victims filed a case in this matter after which cops began looking out for the accused.

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