ANANTAPUR: Penagalur police on Sunday arrested a person for cheating a local bank in Penagalur of Annamayya district by pledging fake gold and taking loans amounting to more than ₹1 crore.
According to DSP Shiva Bhaskar Reddy, Kakarla Sekhar Achari of Penagalur kept pledging gold jewellery at different times at a bank and obtained gold loans. He led a lavish life with loans taken.
However, when the loan amounts became more than ₹1 crore, bank authorities conducted a verification of the pledged jewellery. They found that the jewellery was fake and lodged a complaint with the police.
The DSP said they have arrested Sekhar Achari and seized ₹8.05 lakh from his residence. Police have also seized a car, gold rings and other material from the house.
