Hyderabad: Ten member gang, which obtained loans using fraudulent means, arrested

Cybercrime police have arrested a ten member gang who cheated banks to the tune of crores after obtaining loans using fraudulent methods

Hyderabad: The Cybercrime police have arrested a ten member gang who cheated banks to the tune of crores after obtaining loans using fraudulent methods.

The arrested persons are Rakesh Kumar (32), Sai Ravi Varma, (38), Deepak Kumar (35) and other seven persons.

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According to the police, the gang had duped a private bank after obtaining loans by submitting fake salary slips and other documents required for processing loans of 61 applicants. They opened salary accounts in banks with the help of two companies and applied for personal loans.

“The bank based on salary slips and other documents provided loans to the tune of Rs. 4.38 crore and transferred the amount to the accounts of two main suspects Deepak and Raj Kumar. Both of them paid small amounts to the persons who provided documents to them for enrolling with companies and siphoned off the remaining amount,” said Cyberabad police.

On a complaint from the bank, the police registered a case and arrested them. During investigation the police found the gang members had cheated a few other banks in a similar manner.