Hyderabad: The Central Crime Station has arrested two persons on Saturday for allegedly forging documents to secure a bank loan and to mortgage a property.
The arrested persons are Akella Pavan Kumar, 35, and Andole Shankerlal Anil Kumar, 36. Police started an investigation after a complaint by one Chintalapudi Subba Rao.
Police said the accused, Pavan and Anil, colluded with one Subhashini and others. They plotted to secure a bank loan by impersonating Subba Rao and mortgaging his property measuring 200 sq.yards, including a 10 foot passage. The property is located at Boduppal.
The fraudsters secured a loan of Rs 40 lakh from the victim’s bank, Bank of India, Adikmet Branch, Secunderabad, and then wilfully defaulted in the payment of EMIs.
They diverted the funds to their own companies and used it for their businesses.Akella Pavan Kumar and Anil Kumar were arrested and will be produced in court. The others involved in the case are absconding, police said.