Paralakhemundi: In a major breakthrough, Odisha Police busted an illegal money-lending with the arrest of a man accused of running a high-interest loan operation by accepting motorcycles and other valuables as collateral from borrowers.
The accused, identified as K. Ravindra Reddy, was arrested following a raid at his residence in Adaba police station limits. Police recovered 137 motorcycles, 127 mobile phones, Rs 3,61,200 in cash, along with vehicle registration certificates (RCs), smart cards, signed agreements, stamp papers, and other crucial documents.
According to the complaint, Reddy would lure individuals by promising loans in exchange for motorcycles, gold jewellery, mobile phones, and important documents. In one case, a victim handed over his motorcycle and papers six months ago to secure a Rs 20,000 loan. He was also made to sign on blank stamp paper. When the victim repaid the amount and demanded his motorcycle back, Reddy allegedly evaded him with excuses before outright refusing to return the vehicle. This led the victim to approach the police.
Acting swiftly on the complaint, SDPO Rakesh Sahu, IPS, led a team that conducted the raid. Preliminary investigation suggests Reddy may have cheated dozens of people using the same modus operandi.
Police suspect more accomplices could be involved and are probing the full extent of the scam. “Further investigation is underway to identify all victims and any other persons linked to this racket,” police said in an official press note.
The operation has brought relief to many who lost their valuables and serves as a warning against “easy loan” schemes that often turn into sophisticated frauds.
