Two persons were arrested today for allegedly cheating people by collecting money under the pretext of offering business loans from Telangana State Minority Finance Corporation, police said.
Commissioner's Task Force (East Zone) Team, arrested Mohd Minhaj and Noor Mohd Irfan, who were cheating people in the name of business loans from the Minority Finance Corporation and collected money from them for sanctioning loans, a release from Hyderabad Police stated.
Minhaj along with his friends Aleem, Ahmed, Iliyaz (who are absconding) and Irfan formed a gang and used to approach road-side petty vendors by promising them to arrange loans and collected Rs 10,000 each from them, it said.
"The accused used to fill application forms and were collecting ID proof and passport size photos from them. When insisted, the accused used to give false and fabricated 'loan eligibility letter' and asked them to approach the TSMFC," police said.
Police seized 'loan sanction files, 'loan sanction letters' and empty envelope covers with the seal of Executive Director of the TSMFC from the duo, who cheated at least three persons with their modus operandi.
Efforts are on to apprehend their aides who are on the run.
