The Ernakulam Central police have registered a case against a financial institution in the city on charge of cheating people by promising them housing loans.
The case was registered against the institution on MG Road on a petition filed by two victims on not receiving the loans as promised. The petitioners claimed to have lost ₹2.50 lakh and ₹75,000.
The police suspect that more than 100 persons might have fallen prey to the alleged fraud. The victims were allegedly enticed by promising housing loans running into crores of rupees against collateral securities irrespective of the liabilities attached to them.
While ₹5,000 was collected as registration fee from each applicant, between ₹9,000 and ₹25,000 was collected towards valuation of properties, the police said. This was in addition to the collection of ₹2 lakh to ₹10 lakh in the guise of insurance though it was not known how many had paid for the insurance.
