Man held for cheating property owners of ₹10 crore in loan fraud

What Happened

The Central Crime Station (CCS) police arrested 34-year-old Nunavath Yugandhar from Kondapur in Ranga Reddy district on allegations of a multi‑year loan-fraud scheme. The Economic Offences Wing (EOW) Team‑V of the CCS Detective Department said he had been involved in more than 20 criminal cases across Telangana and Andhra Pradesh since 2016. Police claim he promised to arrange bank loans against property owned by victims and then used the sale deeds and related documents to transfer those properties to third parties. In one instance cited by investigators, he allegedly provided ₹60 lakh in financial assistance to a complainant and executed a sale deed accompanied by an MoU stating the property would not be sold. Police say he later used that sale deed without the complainant’s knowledge to transfer the property and facilitate a loan of about ₹1.50 crore from Axis Bank by offering the same property as collateral. The bank reportedly sent repayment notices to the complainant, revealing the property had been transferred and used to secure the loan. Yugandhar was remanded in judicial custody after being produced before a court. Public warnings were issued by CCS to caution property owners against fraudulent finance consultancies offering loans against properties and to be cautious with property documents and sale deeds.

Why It Matters

The case highlights risks faced by owners who are promised bank financing against their properties but find their assets transferred or encumbered without consent. It also underscores the role of fraudsters who exploit sale deeds and MOUs to facilitate fraudulent loans, triggering financial and legal disputes for multiple victims.

Background

The accused has a record of involvement in numerous cases across two states since 2016, including criminal and civil matters, as cited by police. The report does not specify the outcomes of those cases beyond noting their existence and the accused’s continued activity in similar schemes.

Key Facts

• Identified suspect: Nunavath Yugandhar, 34, Kondapur, Ranga Reddy district
• Amount involved in alleged fraud: about ₹10 crore from more than 30 people
• Method: promised loans against properties, then transferred properties to third parties and used documents to secure loans
• One example cited: ₹60 lakh given to a complainant; sale deed with MOA indicating no sale; property later transferred; loan of about ₹1.50 crore from Axis Bank
• Bank action: Axis Bank reportedly issued repayment notices to the complainant after the loan was secured
• Legal status: Yugandhar arrested by EOW Team‑V of CCS Detective Department and remanded in judicial custody
• Public advisory: CCS cautioned against fraudulent finance consultancies and improper handling of property documents

What Happens Next

The police have stated that Yugandhar remains in judicial custody following his arrest and court remand. The case record notes prior and ongoing involvement in similar cases, which may influence future legal proceedings and potential charges.