Fake loan facilitators racket busted

Hyderabad, Nov 20 (UNI) City Police today busted a fake loan facilitators racket by arresting Habeeb Mohsin, involved in the cheating.

Police said the accused Habeeb Mohsin, local Co-ordinator, and P P Dass, President of Men, Women, Children and Weaker Section Development Society and Shakira Begum of Bandlaguda, were member of the racket. They meet people of Norrienagar, Shaheennagar, Hashamabad and Bandlaguda area to motivate and create awareness on various Government welfare schemes like PMRY, Rajiv Yuva Shakti programme. They would promise them of getting loan from nationalised banks or Minority Finance Corporation, old age pension and widow pensions to people living below poverty line and request them to join their society by paying membership and processing fees for sanctioning loans.

The accused Habeeb Mohsin and Shakira Begum acted as local representatives for P P Dass for collection of fees from the applicants. The accused collected Rs 1,000/- to 1,500/- each for the sanction of loan amount from Rs 50,000/- to one Lakh as processing and membership fee from nearly 800 to 1000 members of Phoolbagh, Shaheen nagar and Chandrayangutta and other areas and collected Rs 8 Lakh and shared it with P P Dass.

However, no loan was sanctioned to any member. The booty was shared by the accused. The accused cheated the innocent, poor, uneducated and needy people.

The accused was produced before the Metropolitan Magistrate Court and he was sent for remand.

UNI BR AKM 2056