Hyderabad: Special team of police bust Rs 96 lakh loan scam with single arrest

Hyderabad: The arrest of one individual by a special team of police on Wednesday has helped unravel a loan scam worth over Rs 96 lakh.

Atluri Venkata Madhuresh, 53, is accused of forging false documents against land that belonged to the Hyderabad Development Co-Operative Housing Society. He received '96 lakh in loan from the Punjab and Sindh bank. Cops said five more accused in the case — including a former chief manager of the bank, a sub-registrar and three realtors — were absconding.

“The accused noticed vacant land at Teegala Guda village inside the Hyderabad Development Co-Operative Housing Society. The land has been allotted to a person named Laxmi Kumari but for several years, nobody from her family had claimed the land. The chief suspects offered Madhureshone Rs 1 lakh to register the land in one of their relative’s names. Madhuresh then produced fake IDs and personal documents needed for the registration and got the land registered,” said CCS ACP G. Jogaiah.

“The suspects took a loan from the Punjab and Sindh bank by paying a bribe to the chief manager. Bank officials gave away Rs 96 lakh loan without even checking if the property realled existed,” said the ACP.