The Hindu : Andhra Pradesh / Hyderabad News : Police detect Rs. 45 lakh bank loan fraud

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Friday, Feb 06, 2009
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Andhra Pradesh

Andhra Pradesh - Hyderabad

Police detect Rs. 45 lakh bank loan fraud

Staff Reporter

They crack case during probe into cheque misuse complaint; 4 persons held

Three more involved in the fraud still at large
Police suspect collusion of some bank employees

HYDERABAD: Investigation into misuse of a cheque helped the Malkajgiri police on Thursday detect a bank loan fraud involving Rs. 45 lakh with the arrest of four persons.

Three more persons involved in the fraud are still at large while a letter is being written to the higher-ups to probe the alleged collusion of some bank employees, Malkajgiri Inspector P. Madhusudhan Reddy told reporters.

Few months ago, a woman P. Bharati approached the police alleging that one Ch. Mohan (30), who was running a bank loan consultancy office, fraudulently withdrew Rs. 30,000 from her bank account by tampering with the cheque she gave to him for Rs. 1,000.

While searching Mohan’s house after detaining him, the police stumbled upon rubber stamps of government departments and documents like sale deeds. During interrogation, Mohan admitted to having defrauded banks of Rs. 45 lakh by obtaining loans using fake land documents.

In one case, one P. Anji Reddy of P.V.N. Colony approached Mohan seeking a loan of Rs. 6 lakh for a flat he bought. Mohan applied to G.E. Money seeking a loan of Rs. 11 lakh in the name of Reddy and got Rs. 10 lakh sanctioned. Later, he opened a fictitious bank account in the name of P. Anji Reddy. Posing as Anji Reddy, he collected the loan amount, gave Rs. 6 lakh to the former and kept the remaining amount by getting it transferred into his account.

Colluding with a document writer, Vinod, Mohan created a fake document of a plot measuring 250 sq. yards at Nagole.

They secured loan of Rs. 13.5 lakh from G.E. Money and another Rs. 10 lakh from Money Line by presenting the fake documents. Executives of both G.E. Money and Money Line reportedly helped them in this fraud.

In a similar fashion, they secured Rs. 19 lakh loan from Reliance Capital Limited presenting fabricated documents. Mohan, his associates, Vinod, Mallesh and Venkateswar Reddy were arrested.

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