Two persons arrested for cheating bank of Rs.1.39 crore in Hyderabad

Hyderabad: The Detective Department Hyderabad arrested two persons on charges of cheating a bank of Rs 1.39 crore after obtaining loans.

The arrested persons Mudavath Srinivas Naik (37) and Palathya Ravi (25), residents of Saidabad, along with six others obtained a loan of Rs 1.39 crore from the Indian Overseas Bank Pathergatti Branch for starting a cement brick manufacturing unit. “They submitted fake



invoices, rental agreements, quotations of non-existent suppliers and obtained the loan from the bank,” said N Anand, Inspector (Special Team), Central Crime Station.

When they failed to repay the loan, the bank conducted an enquiry and found that the documents were fake. On a complaint from the bank, the police booked a case last month and took up investigation.