Realtor, wife held for cheating banks of Rs 21.75 cr

By Author  |  Published: 5th Jan 2017  8:49 pm

Visakhapatnam: The city police on Thursday arrested Mallakanti Malyadri, proprietor of MM Constructions and his wife Suhasini for cheating banks to the tune of Rs 21.75 crore with fake documents.

Speaking to media, Deputy Commissioner of Police (Law and Order) Naveen Gulati said they were involved in real estate business. They first took a loan of Rs 83.75 lakh from Bank of India, Suryabagh branch, in 2013 on a 606 sq yards of land in Madhurawada. They repaid Rs 20 lakh but evaded further payment.

When the bank officials examined the documents, they were found to be fake. On their complaint, police investigated and found that on the same documents, Malyadri took loans of Rs 7 crore from Punjab National Bank, MVP Colony, Rs 3 crore from SBH Seethampeta branch, Rs 5 crore from Central Bank of India, Port Stadium branch, Rs 5 crore from Lakshmi Vilas Bank of Dwarakanagar, Rs 80 lakh from Canara Bank, Seethammapeta branch, and Rs 28 lakh from Andhra Bank, Bheemunipatnam, and failed to repay.

There were also several land grabbing and cheating cases against Malyadri in the past and six cases were pending in the PM Palem police station. A rowdy sheet was also opened against him, he revealed.