Four held for cheating bank to the tune of Rs 1.33 crore in Hyderabad

Hyderabad: Four persons who conned the ICICI bank to the tune of Rs.1.33 crore were arrested by the Rachakonda police on Wednesday. The police seized 93 debit cards, three credit cards, a car, 28 PAN cards, 54 Aadhar cards, 24 identity cards of a company and 17 mobile phones. The arrested persons were Boda Srikanth […]

Hyderabad: Four persons who conned the ICICI bank to the tune of Rs.1.33 crore were arrested by the Rachakonda police on Wednesday. The police seized 93 debit cards, three credit cards, a car, 28 PAN cards, 54 Aadhar cards, 24 identity cards of a company and 17 mobile phones.

The arrested persons were Boda Srikanth (25), Banoth Suman (30), Bhukya Nagesh (25) and Guddeti Goutham (27). Another suspect, Y Bhikshapathi, passed away a year ago.

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Rachakonda Police Commissioner Mahesh M Bhagwat said Srikanth was the mastermind of the fraud and executed it with the help of the other suspects. He floated fictitious companies named Living Interior Designer, Yellow Lamp Interior Designers and Brick & Rock Interiors.

In September 2019, Srikanth, using Suman and Bikshapathi’s Aadhar cards and PAN cards, got Living Interior Designer registered. Suman and Bhikshapathi were shown as proprietors of the company with Srikanth also obtaining a labour license for the company. He later visited some villages in Warangal and collected Aadhar cards of people assuring loans at low interest and on returning to the city, submitted those with the bank. He used the documents to open 53 bank accounts at the ICICI Bank Habsiguda, Uppal and Ramanthapur branches for crediting salaries to employees.

“Srikanth deposited between Rs.1 lakh and Rs.2 lakh as salary into these accounts and managed to get credit cards for the 53 accounts from the bank. Later, through 34 credit cards, he collected Rs.1.33 crore and paid a partial amount to the card holders, calling it the loan he promised them,” Bhagwat said, adding that Srikanth used the money to buy high-end cars.

Police have found that he cheated other banks of several crores. “As against the policy of the courier companies, the delivery boy handed over the credit cards to Srikanth and collected Rs.1,000 for each card from him,” Bhagwat said.