HYDERABAD: Central Crime Station police on Friday arrested a fraudster who duped his six friends of Rs 3.73 crore by making them avail personal loans with a false promise to repay their EMIs and also pay 30 per cent additional amount.
On the complaint of Jwala Reddy, a software eingieer, a cheating case was registered against the accused, P Suresh Babu, a native of Yemmiganur in Kurnool, at the CCS in 2019. By frequently changing his addresses and phone numbers, accused has been on the run.
Babu duped Jwala Reddy and five others, who were his friends, by making them give him money obtained through personal loans. Babu convinced accused that he will invest the money in stock market and real estate to get good returns. Accused signed bonds agreeing to pay the EMIs and also provide 30 percent of the loan amount as profit annually. However, after obtaining Rs 3.73 crore, accused transferred amount to his wife’s account and started avoiding his friends. Baby was remanded in judicial custody.
