Hyderabad: Alluri Group MD A. Vikramaditya was arrested for cheating and criminal breach of trust on Tuesday. The accused, reportedly, was involved in mortgage fraud.
According to the cops, the accused had taken loan from APSFC for ‘Alluri Casing’, but the firm defaulted. With all of his mortgaged properties in the custody of various banks, the accused devised a new plan to clear his debt. He then established a new firm in January 2016 called “Alluri Overseas”.
ACP M.N Babji said, “The accused contacted the complainant, Ella Divya, and her father Bhoopal Reddy through the mediators and by luring with huge profits within short period. The accused induced them to give their property as collateral security to the company to obtain bank loan and offered them `2 crore which was not paid”. Further, the accused then took a loan of `4.5 crore and diverted `2.34 crore to clear his debts.
