Hyderabad: Cops nab fraudster for cheating banks

The fraudster was arrested on charges of cheating banks and financial institutions by creating fake hypothecation using fabricated documents, which led to a loss of Rs 1.26 crore

Hyderabad: The Special Operations Team (SOT) along with the Hayathnagar police nabbed a fraudster on charges of cheating banks and financial institutions by creating fake hypothecation using fabricated documents, which led to a loss of Rs 1.26 crore.

Officials seized four cars, 2 bikes and fake documents.

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The arrested person is K.V.V.S.G. Nagaraja from Visakhapatnam while the absconding persons are Sravani, Nagabushanam, Santosh Kumar and Laxmikanth.

Police said Nagaraja purchased cars obtaining loans from banks and after paying few EMIs created fake No-Objection Certificate and other documents as issued by the banks and submitted in RTAs for termination of bank hypothecation. He further sold the vehicles and made easy money.