News/City Updates

Loan fraud: Finance firm in Anakapalli flees with 3 crores collected from public

A high-staked loan fraud came to light in the Anakapalli District S Rayavaram Mandal, where a finance firm allegedly robbed its customers of Rs 3 crores. The victims approached the local police to file a complaint against the owners of the firm, who had absconded. According to their statements, Sri Srinivasa Home Finance initially lured the locals into depositing Rs 4,000 as a token advance for loans at a very minimal interest rate. Additionally, the fraud company also faked to be genuine by giving return gifts for depositing the money.

Also read: Teenage girl murdered by father, crime confessed over social media

Reportedly, the fraudsters started collecting deposits from the locals six months ago by going door-to-door. The locals informed the police that the firm collected Rs 4,000 for a loan of Rs 50,000 and Rs 8,000 for Rs 1,00,000. Apart from S Rayavaram, the firm’s staff reached out to neighbouring localities such as Payakarao Peta and other mandals in the Elamanchili constituency.

Upon gathering a massive sum of Rs 3 crores, the company closed its office and absconded ten days ago, said the complainants. Based on these statements, the Anakapalli District Police launched a search for the accused of loan fraud. Anakapalli District SP Gowthami Sali appealed to the people to reach out to the police at 100 or +91 9505220010 via WhatsApp in case of such fraudulent activities.

Stay tuned to Yo! Vizag website and Instagram for more city updates.

Share
Leave a Comment

Recent Posts

What Are The New Releases on OTT Today? Here’s What to Add to Your Watchlist

A slew of fresh and exciting OTT releases are dropping today, promising a binge-worthy lineup…

15 hours ago

Hot & Hearty: The best soups in Visakhapatnam that complements this weather!

With the weather taking a turn these past couple of days, it’s like Visakhapatnam has…

16 hours ago

Plan a trip from Vizag to these 5 skiing destinations in India this winter

Dreaming of swishing down powdery white slopes with crisp mountain air in your lungs? While…

16 hours ago

Bigg Boss 8 Telugu: Voting polls drastically change, THIS celeb is in danger!

Based on the unofficial voting polls, two contestants are leading— Yashmi and Prerana. In many…

18 hours ago

Kings to revolutionaries: 7 period Telugu films on OTT that deserve all the love!

Movies have been a powerful medium of expressing the complicated and important events of history.…

18 hours ago

We aim at generating five lakh IT jobs in five years: Lokesh

Andhra Pradesh State IT and HRD Minister Nara Lokesh has said the government aims to…

21 hours ago