The bank informed the trader that multiple transactions worth Rs 2 crore were done through the company accounts.

Hyderabad: A 59-year-old trader from Hyderabad’s Madhapur was allegedly cheated of Rs 2 crore after a fraudster promised to get him a business loan.

In his complaint, the victim said that he had opened bank accounts of Shilpa Electricals Engineers and Sai Krupa Constructions. In July 2025, he was contacted by a person identified as Dharmarapu Venkanna via WhatsApp, who offered to felicitate the loan.

The accused persuaded the trader to provide the company bank accounts for processing the loan. He also convinced the victim to grant temporary access to the accounts, assuring him it was required to credit the loan amount.

Trusting Venkanna, the trader granted access to his company accounts. The bank informed the trader that multiple transactions worth Rs 2 crore were done through the company accounts.

Based on a complaint, the Cyberabad cybercrime police registered a case and initiated an investigation.