Hyderabad, March 16 -- A Non-Resident Indian (NRI) businessman has fallen victim to a loan scam in Hyderabad, losing Rs 5 lakh to a finance company that promised a Rs 10 crore loan against his property in Banjara Hills.

The company, located in AS Rao Nagar, claimed to offer loans against property but failed to deliver after collecting substantial processing fees from multiple victims.

The NRI businessman initially approached mainstream banks for a loan but faced difficulties. He then came across the finance company through an advertisement and met with its managing director at the company's headquarters in Trimulgherry.

The MD assured him of a Rs 10 crore loan against his property on Road No. 12, Banjara Hills. However, the company col...