Hyderabad: The Mahabubnagar police on Wednesday busted a fake land passbook racket and arrested nine persons, who obtained fake passbooks through fraudulent means and used them for securing loans up to Rs 63.79 lakh from Punjab National Bank, Mahabubnagar.
Earlier, 15 persons were arrested in Jogulamba, Gadwala district, and three persons are held in Nagarkurnool district on the same charges.
The police said during verification of the loan accounts which had dues, the passbooks submitted by the applicants were found fake and obtained by fraudulent means.
The suspects prepared fake passbooks, which stated that they possessed agricultural land. Using these fake passbooks, the suspects secured loans. The nine arrested persons secured Rs 63.79 lakh loan and defaulted in payment.
Based on a complaint from the bank manager, a cheating case was registered and all the nine persons were arrested and sent to judicial remand.
