Hyderabad: A 36-year-old businessman, who duped the Union Bank of India (UBI) with a guarantee fraud of Rs 53 crore, was arrested by the Cyberabad Economic Offence Wing (EOW) police here on Friday.
Cyberabad police commissioner Stephen Raveendra said that the police received a complaint from Sarigala Prakash Babu, assistant general manager of UBI, stating that the directors of Kompass Infrastructures Pvt Ltd. had obtained bank guarantees from the complainant’s bank branch at Kondapur to the tune of Rs 53.18 crore from 39 transactions in favour of beneficiaries like Hella Infra Market Ltd, HPCL, and Infinity Projects.
Soon thereafter, the managing director of the company returned the bank guarantee to close the transaction. Recently, the complainant bank learnt that in many transactions, the accused had not closed his transaction with the beneficiary company but he was fabricating a fake bank guarantee and closing transaction with the bank.
On verification by the complainant bank, the same bank guarantee with the same number was available with both the bank and the beneficiary.
Madhapur police registered cases and took up the probe after which the case was transferred to the EOW.
The probe revealed the involvement of contractor Kattamidi Santosh Reddy, civil contractor Nekkanti Srinivas, Kondakal Gopal into real estate who is absconding and Somavarapu Surender Reddy from Nellore, who is also absconding.
"We arrested key accused Santosh Reddy and cheated with fake bank guarantees," Raveendra said.
The accused obtained 39 bank guarantees from the complainant bank and cheated to the tune of Rs 53 crore.
The victims include Hella Infra Market Ltd, HPCL, Infinity Projects, Srujana Industries, NSIC Ltd, Power2SME Pvt Ltd and Zetwerk Manufacturing Business Pvt Ltd.
