Hyderabad couple gets seven years jail in loan fraud case
A Hyderabad court sentenced a couple, Vuppula Dasarath Netha and Vuppala Laxmi Bai, to seven years imprisonment for obtaining loans from multiple banks using forged documents. The CID investigated the case. Seventeen witnesses and sixty documents were examined during the trial.
Hyderabad: A local court convicted and sentenced a couple involved in a loan fraud case registered by the Telangana Crime Investigation Department (CID) to seven years of rigorous imprisonment on Wednesday. A fine of Rs 30,000 was imposed on them.
Vuppula Dasarath Netha (57) and his wife Vuppala Laxmi Bai had obtained a loan of Rs 24,00,199 from the SBH Aircargo branch in 2007 by submitting forged and fabricated documents. The couple also created multiple sale registrations and obtained loans from two other banks, State Bank of Mysore, Kukatpally, and Canara Bank, Kundanbagh.
They defaulted on all loan repayments, causing financial losses to the lending banks, said Additional DGP CID Telangana, Charu Sinha.
During the trial, a total of 17 witnesses were examined and 60 documents were exhibited, including the forged Agreement of Sale cum GPA, mortgage deeds and bank records.
After the trial, the court convicted and sentenced them to seven years RI and imposed a fine of Rs 30,000. They were shifted to prison.
