Cyber-crime police of Rachakonda Commissionerate has arrested a youth hailing from Tirupati in Andhra Pradesh, allegedly for posing as a loan agent and duping people through instant online loans.
P. Veera Narayana, 28, police said, had come to Hyderabad following an interest in Tollywood. He produced a movie, failed miserably and was stuck in debt.
According to police, posing as loan agent of recognised banks, he called up random people, offered zero-interest loans at 3% commission and obtained their proof to process loans. He then used the documents as his own, while obtaining one-time passwords from actual persons, and got instant online personal loans.
He used the money to buy expensive mobile phones and then sold them in the open market at discounts.
Police arrested him for cheating and for various provisions under the Information Technology Act.
