Hyderabad: A man who duped six banks of Rs 77 lakh after taking personal loans using forged documents was arrested by North Zone police along with two bank agents on Thursday. Police seized Rs 8.62 lakh in cash and fake documents from their possession.
Acting on reliable information, the police nabbed Kancharla Srinivas, 44, and bank agents Chaluvadi Mallikarjuna Rao, 39, and Marella Nagi Reddy.
DCP, North Zone, B. Sumathi, said the first complaint was lodged with the Punjagutta police by Capital First Limited. It stated that Srinivas had taken a personal loan for Rs 15 lakh on March 15, 2017, and had failed to repay the EMIs. The repayment was divided to EMIs of `39,501 over a 48-month period.
Capital First said that when Srinivas defaulted on the repayment, its personnel went to the address he had mentioned but found that no such person was available there. Upon company verification, it was revealed that Srinivas had submitted fabricated KYC documents. He had submitted a PAN card bearing a different name as that of his father from that mentioned in the application. He had claimed to be an employee of Wipro Limited, which was also found to be false.
Ms Sumathi said Srinivas had procured various fake identity and PAN cards and payslips of companies with an intention to cheat banks. Srinivas became friends with bank agents Mallikarjuna Rao and Nagi Reddy in 2017, and recruited them to the conspiracy by offering a commission of 25 to 30 per cent of the loan amount.
“He submitted fake documents and obtained huge personal loans in March 2017 and defaulted payments. The men kept shifting their residence address and changed their phone numbers,” Ms Sumathi said.
Acting on a tip-off, the North Zone team laid a trap and apprehended the trio on Thursday and they were handed over to Panjagutta police for investigation....