The Cybercrime Police of the Rachakonda Commissionerate arrested a young man originally from Tirupati, Andhra Pradesh, allegedly for pretending to be a loan agent and defrauding people with instant online loans.
Police said 28-year-old P. Veera Narayana had come to Hyderabad due to an interest in Tollywood. He produced a film, failed miserably, and stuck in debt.
According to the police, while pretending to be a credit agent for reputable banks, he called random people, offered interest-free loans with a 3% commission and obtained proof of loan servicing from them. He then used these documents as his own, getting one-time passwords from real people and obtained instant personal loans online.
He used the money to buy expensive cell phones and then sold them on the open market at a discount.
The police arrested him for fraud and various provisions of the Information Technology Act.