Woman held for cheating people with promise of loans at less interest rate

BENGALURU: A woman has been arrested for allegedly cheating unsuspecting people by promising loans at low interest rates. During questioning, she revealed the names of the others involved in the racket.

The gang, led by Nayana, had collected Rs 5,000 as processing fees and three months advance EMIs of Rs 30,000 from unsuspecting victims and disappeared without disbursing the loans. The gang had promised the victims loans at 1 per cent interest rate.

The gang managed to convince people by claiming that a relative worked at the Subbalakshmi Chit Fund and loans of up to Rs 10 lakh could be availed. They promised the victims that the loans would be disbursed together, but later escaped.

Hundreds of people were affected by the scam. and cases have been registered at the Basaveshwara Nagar, KP Agrahara, Srirampura and Annapoorneshwari Nagar police stations in this connection. The kingpin Nayana has been arrested by the Basaveshwara Nagar police and she revealed the names of Kavana and Giraja who were involved in the swindling. Further investigation is under way.