HYDERABAD: The Hyderabad Central Crime Station (CCS) police on Tuesday arrested two persons -- Dr. Gouri Anil Kumar and Y Srinivas, for embezzlement of Rs 2 crore in the form of a loan from Bank of Maharashtra by submitting documents for non-existent property as collateral security.
According to police, Radhey Shyam Bansal, Zonal Manager of Bank of Maharashtra, lodged a complaint with the CCS police on December 29, 2018, stating that Anna Eco Logics Pvt Ltd, Begumpet, represented by its Directors Gapta Srikar and Yelimali Venkatesh approached the Khairatabad Branch Manager of Bank of Maharashtra seeking Rs 2 crore cash credit facility by mortgaging the property, admeasuring 500 square yards in BK Guda, SR Nagar to start a business of producing sanitary napkins and maternity pads.
The company failed to repay the amount and declared it as a non performing asset, after which the bank initiated legal proceedings.