Businessman held for bank fraud in Hyderabad

Hyderabad: The Hyderabad Central Crime Station police on Tuesday nabbed R. Venkatesh, the managing partner of Croma Automotives on charges of obtaining bank loans worth Rs 3.02 crore by submitting fake land documents. Venkatesh, a resident of Nacharam allegedly submitted fake documents of properties in Uppal Bhagayat village, Ranga Reddy district and obtained a cash […]

Hyderabad: The Hyderabad Central Crime Station police on Tuesday nabbed R. Venkatesh, the managing partner of Croma Automotives on charges of obtaining bank loans worth Rs 3.02 crore by submitting fake land documents.

Venkatesh, a resident of Nacharam allegedly submitted fake documents of properties in Uppal Bhagayat village, Ranga Reddy district and obtained a cash credit loan of Rs.3.02 crore from the State Bank of India, through equitable mortgage for his business, Croma Automotives. As he failed to repay the loan amount in time, bank officials started recovery process.

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“During the recovery process, bank officials found that the collateral properties furnished by the firm were fictitious,” police said, adding that following a complaint from the bank in August 2020, the CCS police booked a case and nabbed Venkatesh.