SANGAREDDY: Ramachandrapuram police on Wednesday arrested 12 persons for allegedly obtaining loans from Andhra Bank (Union Bank) at Ashoknagar. They presented fake documents, and the bank manager, two valuers and a CA who assisted them in acquiring loans have also been taken into custody. Of the 15 businessmen who obtained loans, only three submitted genuine documents, while the remaining 12 got loans by overstating the value of their assets.
These loans were acquired in 2013, with regular monthly instalments for the first two years. However, they stopped paying later. An internal audit conducted by the bank officials in 2021 confirmed that the 12 businessmen had obtained loans of around Rs 27 crore with the help of bank officials.
As a result, senior bank officials filed a complaint against the then Ramchandrapuram Union Bank manager Rupa, CA Venkata Srinivas,value daters Vishnuvardhan Reddy and Narsingh Rao, and 12 businessmen. Based on the complaint, the Ramachandrapuram police registered a case. They found that the accused had submitted fake documents.
Ramachandarupuram Circle Inspector Narender Reddy said that while three businessmen are absconding, the rest were arrested and sent to remand. The industries who obtained loans by submitting fake documents to the bank are Shri Sai Balaji Traders, VR Constructions, Rajender Constructions, Venkateshwar Oil and Food Products, Best C Mobile Sales & Services, Divya Agro Foods Products, Vishnu Sai Pharma, RK Media Campaigns, YMMAR Pharma, SV K Merchants, Rana Enterprises and the proprietor of Partha Granite Industries.
The CI said the owners of Divya Agro Industries, Vishnu Pharma Industries and others are absconding. The news of them taking loans of Rs 27 crore from the bank with fake documents has caused a stir.