Four held for duping banks to the tune of Rs 50 lakh
By Express News Service | Published: 17th July 2017 07:47 AM |
HYDERABAD: Four persons including managing director of a company in Banjara Hills and his engineering graduate friend have been arrested by Uppal police for cheating banks to a tune of Rs 50 lakh by obtaining credit cards using false documents. The accused also cheated 200 job aspirants on the pretext of providing jobs and collected Rs 50,000 from each.
Prime accused P Chanda Shekar Reddy, engineering graduate from Banjara Hills, N Subash Kumar, director of Haptic Company, Y Balaji, student and K Habeeb, had floated three fake companies styled as Xevax Pharma Pvt Ltd, Stannum IT Solutions and Haptic Technologies Pvt Ltd in Hyderabad and availed loans and credit cards on their names as well as on names of their friends and relatives, said Uppal police.
The accused opened salary accounts with banks and credited money into accounts and managed the field level officers during verification. The companies were registered with Registrar of Companies even though the companies had no genuine operations.
“They obtained loans and credit cards from HDFC, Induslnd, Kotak, RBL banks, Capital First and Bajaj Finance, to the extent of Rs 50 lakh. So far expenses amounting to Rs 11.5 lakh have been established and remaining expenses need to be found,” said Malakjgiri DCP Uma Shanker Sharma on Sunday.
They collected Rs 50,000 from job aspirants and Rs 25,000 to give fake experience letters. They duped around 200 people, he said.