High-Interest Loan Scam in Hyderabad: Rs. 70 Crore Fraud Uncovered

NEWS CHARIOT : In a shocking turn of events, a man who had settled in Hyderabad after working as a building contractor has been accused of defrauding hundreds of people through a high-interest loan and chit fund scam, amounting to a whopping Rs. 70 crores. The incident occurred in SR Nagar, Hyderabad, and has left local residents in shock.

The accused, Pullayya, originally from Guthi in Anantapur district of Andhra Pradesh, had been residing in SR Nagar for over two decades. He worked as a construction contractor and was well-known in the community, maintaining cordial relationships with locals. Over time, he set up a chit finance business and enticed people from surrounding areas to invest in his high-interest schemes.

Pullayya allegedly collected money from over 300 people, promising them high returns on their investments. He garnered almost Rs. 70 crore in total, which he eventually took and fled. According to victims, the scam was not limited to SR Nagar, but also spread to other areas like Amirpet, Balkampet, and even his hometown in Anantapur and Kurnool districts.

In the days leading up to his escape, Pullayya assured his investors that he would pay them back on specific dates (24th, 25th, and 26th February), causing them to trust him even further. However, on the evening of 23rd February, he abandoned his luxury car at home and fled with his family in a cab, leaving the investors stranded. As people went to his home looking for their money, they discovered the scam and quickly informed others, leading them to report the case to the SR Nagar Police.

This incident has created a stir in the local community, with police now investigating the case. The authorities are working to track down Pullayya, who is currently on the run.