Hyderabad: A 55-year-old former Syndicate Bank manager was arrested by sleuths of the Central Crime Station on Monday. Police alleged that Shyam Kumar Janak was involved in a cheating case.
According to the police, one Ms Yellamma, Janak’s neighbour, owned 500 yards of land in SR Nagar. Janak, who was working as manager at the Kurnool branch in 2008, came to know of this land and lured Ms Yellamma by offering a loan on the land.
When she approached him to help with the mortgage process, he allegedly directed her to his friend Kishore Varma and made him general power of attorney. When Ms Yellamma and her sons objected to the GPA, Janak gave an assurance on Varma’s behalf and gave them a cheque for Rs 1 crore and wrote a promissory note as surety.
Later, without Ms Yellamma’s knowledge, Varma registered the land on his wife’s name and secured a loan on the land. He paid the instalments regularly for a year. When he stopped paying, bank officials issued notices and Ms Yellamma came to know of the fraud.
A case was registered at the CCS in 2015. Based on credible information, police arrested Janak on Monday and will produce him in court. Varma is still at large. The case is under investigation.
