Hyderabad: Two held for cheating private bank to the tune of Rs 3 crore

Hyderabad: The Hyderabad Central Crime Station police arrested two persons on charges of cheating a private bank to the tune of Rs 3 crore on the pretext of business expansion, police said on Friday. The arrested persons identified as K Kishore Kumar, a Chartered Accountant, and B Srikanth Reddy, both close friends and business partners, […]

Hyderabad: The Hyderabad Central Crime Station police arrested two persons on charges of cheating a private bank to the tune of Rs 3 crore on the pretext of business expansion, police said on Friday.

The arrested persons identified as K Kishore Kumar, a Chartered Accountant, and B Srikanth Reddy, both close friends and business partners, had approached the bank’s branch at Koti in 2018 and sought loan in the guise of setting up more offices, as part of their business expansion plan.

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They claimed to have been suppliers of the raw material and machinery to industries. The then bank authorities, had after verifying the documents, sanctioned a loan amount of Rs.3 crore.

Police said though the duo paid interest for the first few months, they later ceased to make payments and went absconding. When the bank officials went to seize their residences and offices, they were already closed.

Based on a complaint from the bank authorities recently, the CCS police booked a case and took up investigation. The movements of the suspects were being watched.

Following a tip-off, the police arrested them and produced before the court for remanding in judicial custody.

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