The Hyderabad City Cyber Crimes team arrested Nagaraju Devu (44) from Serilingampally, Rangareddy district, for orchestrating a business loan scam that defrauded a Hyderabad-based entrepreneur of Rs1.55 crore.
According to Deputy Commissioner of Police, Cyber Crimes, the victim, a 39-year-old businessman, was searching online for funding for his company in June 2023 when he was contacted by the accused. Posing as the owner of Finpair Solutions Pvt Ltd, a fake firm claimed to be based in Mumbai, Nagaraju offered business loans under the pretense of low interest and fast approval.
Between June and November 2023, the victim paid a series of charges—processing fees, insurance, taxes—totalling Rs1.55 crore, believing that the loan was about to be sanctioned. When no funds were received, the victim filed a complaint on February 19, 2024.
Investigations revealed that Nagaraju had created a fraudulent website (finpair.in) and advertised fake business loan offers on social media platforms, specifically targeting business owners in need of capital.
