Cyber crime police from Rachakonda police station have arrested a young man from Tirupati in Andhra Pradesh allegedly for impersonating a loan officer and tricking people with instant online loans.
According to the police, P. Veera Narayana, 28, had come to Hyderabad following an interest in Tollywood. He produced a movie, failed miserably, and got into debt.
According to the police, pretending to be a loan officer from recognized banks, he called random people, offered zero interest loans at 3% commission and obtained their proof to process the loans. He then used the documents as his own, while obtaining one-time passwords from real people, and got instant online personal loans.
He used the money to buy expensive cell phones and then sold them on the open market at discounted prices.
The police arrested him for cheating and for various provisions under the Information Technology Act.