In a major breakthrough, the Odisha Police have dismantled a well-organised loan racket that allegedly preyed on common people by offering quick loans against valuable assets and then refusing to return the collateral even after repayment.
The accused, K. Ravindra Reddy, was arrested following a raid at his residence in Adaba police station limits. Police recovered a massive haul: 137 motorcycles, 127 mobile phones, ₹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 ₹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.
