In a significant case of financial fraud, the Central Crime Station (CCS) in Hyderabad has registered a cheating case against a private company accused of duping more than 60 individuals. The victims, which include several employees of the Road Transport Corporation (RTC), were allegedly lured with promises of easy, low-interest personal loans.
The Modus Operandi: Promises of Easy Money
The case came to light after a 48-year-old RTC bus conductor, K Sainath from Tilak Nagar, approached the CCS police. According to his complaint, in March of this year, he was approached by a woman distributing pamphlets for Jai Brinda Hanuman Integrated Marketing Pvt Ltd, a firm operating from an office in SR Nagar. The promotional material enticed potential customers with offers of quick personal loans ranging from Rs 5 lakh to Rs 50 lakh, requiring minimal paperwork and featuring extended repayment schedules.
Attracted by these assurances, Sainath visited the company's office. There, he was met by individuals identified as manager Govind and assistant manager Venkat. They convinced him to apply for a loan of Rs 25 lakh. The officials proceeded to collect all his crucial documents, including proof of identity, address, employment, salary details, and bank information. They also took a processing fee of Rs 5,900 from him.
The Trap Springs: Advance Payments and False Hopes
On March 21, the firm issued an acceptance letter for the loan. However, the letter demanded an advance payment towards the Equated Monthly Instalment (EMI). Trusting the company's promises, Sainath made a substantial payment of Rs 1,27,500 on March 24. Following this, he waited for the loan amount to be disbursed into his account.
His wait, however, proved futile. Despite repeated inquiries and visits, the accused individuals allegedly kept postponing the disbursal with various excuses. The shocking truth eventually emerged when Sainath discovered that his loan application, along with those of at least 59 other applicants, had been rejected. To add insult to injury, the money they had paid was declared non-refundable by the company.
Widespread Fraud and Police Action
The police investigation revealed that the victims were not limited to RTC staff. The scam net included other government and private employees who had collectively paid lakhs of rupees in processing fees and advance EMIs. Acting on the formal complaint filed by Sainath on December 29, the CCS police registered a case.
The case has been filed under Section 318(4) (cheating and dishonestly inducing delivery of property) read with 61(2) of the Bharatiya Nyaya Sanhita (BNS). Additionally, charges have been invoked under the Section 5 of the Telangana State Protection of Depositors of Financial Establishments Act. The primary accused named in the First Information Report (FIR) are Govind, Venkat, and others associated with the firm.
CCS officials stated that they will conduct a thorough analysis of the company's financial records and the payment transactions between the complainants and the accused. This probe aims to determine the full extent of the financial crime and fix responsibility on all involved parties.
