Hyderabad: A new modus operandi of cheating banks by dismantling heavy earth moving machinery like JCBs obtained on commercial loan, being dismantled and sent to African countries by sea route, to sell them there at cheap rates have come to light in the city. A private bank in Hyderabad which was also duped by one such gang, approached the city police, following which a case has been registered at the Central Crime Station (CCS). Prima facie it was found that the accused of illegally transported two JCBs which have been financed by the bank.
The bank sanctioned a commercial loan for the five accused persons for purchasing construction equipment. But, the accused failed to maintain financial discipline and have been defaulting on the loan payments, despite repeated requests, reminders, and visits from the bank. The bank officials demanded that the accused clear the arrears and produce the hypothecated vehicle for inspection, but the accused neglected and postponed the matter.
The bank later found that the accused and their associates are a part of a mafia involved in illegally exporting various Construction Equipment abroad by sea routes to African Countries.
It was also found that the accused took advantage of the fact that construction materials are not covered by any statute while exporting and does not require the owner or the financier’s names.
Special teams have been deputed to nab the accused, the investigators said.
