The Central Crime Station (CCS) police arrested a 34-year-old man who allegedly cheated more than 30 people of about ₹10 crore by promising to arrange bank loans against their properties and later transferring the properties to third parties.

The accused, Nunavath Yugandhar of Kondapur, Ranga Reddy district, was arrested by the Economic Offences Wing (EOW) Team-V of the CCS Detective Department. Police said he had been involved in more than 20 criminal cases in Telangana and Andhra Pradesh since 2016.

According to police, Yugandhar allegedly provided ₹60 lakh as financial assistance to a complainant and executed a sale deed along with a memorandum of understanding stating that he would not sell the property. However, he allegedly used the sale deed without the complainant’s knowledge, transferred the property to a third party and facilitated a loan of about ₹1.50 crore from Axis Bank by offering the property as collateral.

The alleged fraud came to light when the bank sent notices seeking repayment of the loan to the complainant, who then learnt that the property had been transferred and used to obtain the loan.

Police said Yugandhar was involved in 12 similar criminal cases and eight civil and Negotiable Instruments Act cases, besides being wanted in four cases. He allegedly targeted property owners by offering to arrange loans against their properties and then misused the documents to facilitate transactions and obtain loans.

The accused was arrested and produced before a court and remanded in judicial custody.

The CCS police cautioned members of the public against approaching fraudulent finance consultancies offering loans against properties and advised them to exercise caution before handing over property documents or executing sale deeds in such arrangements.