HYDERABAD: Fourteen years after the CID registered a case, the VI Additional Chief Metropolitan Magistrate Court, Nampally, has found two persons guilty in a major housing loan fraud case and sentenced them to seven years of rigorous imprisonment, along with a fine of Rs 30,000 each.
The convicts are businessman Vuppula Dasarath Netha (57) and Vuppala Laxmi Bai alias Laxmi Devi (50), both residents of Erragadda. The case originated in 2011 from a complaint filed by the AGM of the then State Bank of Hyderabad, Secunderabad.
According to CID chief Charu Sinha, the couple fraudulently obtained a housing loan of Rs 24,00,199 from the SBH Air Cargo Branch in 2007 by mortgaging forged and fabricated documents for an independent house in Jeedimetla.
They later created multiple sale registrations for the same property using fake documents, and secured loans from two more banks — State Bank of Mysore, Kukatpally, and Canara Bank, Kundanbagh. They defaulted on all repayments, causing losses to lenders.