2 bank recovery agents held for Rs 16 lakh fraud

HYDERABAD: Police arrested two conmen who were involved in duping banks while collecting Rs 16 lakh from debtors. Police also seized Rs 2.50 lakh, 4 fake receipt books of Citi and ICICI banks,

Published: 13th April 2012 02:52 AM  |   Last Updated: 16th May 2012 07:29 PM   |  A+A-

HYDERABAD: Police arrested two conmen who were involved in duping banks while collecting Rs 16 lakh from debtors. Police also seized Rs 2.50 lakh, 4 fake receipt books of Citi and ICICI banks, five fake and forged notices of permanent lok adalat for public utility services, a computer, printer, four round seals and stamps, bank letterheads, HDFC customer dues data sheets,  other incriminating material and four mobile phones.

Police said, on a tip off, Begumpet police and Task Force in a joint operation arrested the two persons, while they were recovering loan amounts from customers.

The accused have been identified as Busa Uday Kumar, collection agent at ICICI Bank, Gachibowli, resident of Sainik Vihar, Neredmet and Butti Srinivas, resident of Siddhartha Nagar, Dammaiguda, Ranga Reddy district.

Busa Uday Kumar has been working as collection executive at Standard Collection House located at Basheerbagh, which is attached to ICICI bank, Gachibowli. Earlier, Busa Uday Kumar worked as a hardware technician at Shiva Sai Enterprises, located at Chakripuram. While he was working, Butti Srinivas used to meet him frequently and both became friends. Both had an indepth knowledge of collection process of banks.

“The accused hatched a plan to earn easy money by collecting loan payment dues from bank customers and pocketing the collected amount. Busa Uday Kumar used to collect data from SCH agencies, list of customers who do not repay personal loans and credit card dues of ICICI bank and Citibank and those which bank officials had failed to recover and labelled them as bad debts,” police said.

Butti Srinivas used to take the list and phone defaulters, trace out their addresses and threaten them. As soon anybody responded he would approach them posing as an authorised collection executive/agent and settle the loan/credit card dues to 50 to 60 per cent of due amount, showing his fictitious ID card. After collecting the settlement amount, he would issue forged receipts and settlement letters.

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