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.

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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.

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