Hyderabad: Canara Bank conned of Rs.2.71 crore by fake companies
Hyderabad: Two fictitious companies allegedly duped the Balanagar branch of Canara Bank of Rs.2.71 crore after taking loans and failing to repay it. In the first case, a company, AFS Constructions, took Rs 1.3 crore loan from the bank. The bank officials later noticed that AFS was a non-existent company but the loan was processed […]
Hyderabad: Two fictitious companies allegedly duped the Balanagar branch of Canara Bank of Rs.2.71 crore after taking loans and failing to repay it.
In the first case, a company, AFS Constructions, took Rs 1.3 crore loan from the bank. The bank officials later noticed that AFS was a non-existent company but the loan was processed based on fake documents mortgaged as collateral. Two persons, Mohd Chand Pasha and Fayaz Ahmed, had posed as directors of the company.
In another case, the bank sanctioned Rs 1.41 crore to Tirumala Enterprises Civil Engineering company on the basis of fake property documents submitted as collaterals. One Prasad Reddy had obtained the loan from the bank.
After the companies failed to clear the loans and enquiry was done, it was found the companies were non existent and the borrowers submitted fake documents to obtain loans.
The Hyderabad Central Crime Station registered two cases and are investigating.
The police suspect some bank officials might have colluded with the conmen in the fraud.
