3 held in Delhi for loan fraud

Hyderabad: Three members of a Delhi-based gang allegedly involved in an organized loan fraud amounting to about Rs 10 crore were arrested by city police.

The gang allegedly cheated as many as 500 people all over the country by collecting the amount fraudulently, police said on Monday.

The gang's kingpin, Mahipal Singh Yadav, a former telemarketing executive in a private company, lured gullible people in the name of offering loans at cheaper rate of interest, a police release said in Hyderabad.

The gang used to call people on mobile phones and collected money towards processing their loan applications.

However, they never released any loan amount to people, it said. A senior police official said the three gang members were arrested on September 3 in Delhi and brought to the city on Monday.

They will be produced before a court on Tuesday, the official said.

The detective department of the city police is investigating the case and two more accused involved in the case are yet to be arrested, police said.

Police are also investigating the role of four different companies involved in crime, they added.

Source:PTI