Cops bust two gangs of bank fraudsters

More than 150 credit and debit cards, 150 cheque books and 75 PAN cards were seized from them.

Published: 23rd January 2012 05:07 AM  |   Last Updated: 16th May 2012 06:20 PM   |  A+A-


The cash, credit cards and other items seized from the gangs being displayed in Hyderabad on Sunday.

HYDERABAD: Police on Sunday busted two gangs who duped banks and individuals out of more than Rs 1.60 crore and recovered from them property worth lakhs of rupees including several cars and gold ornaments. More than 150 credit and debit cards, 150 cheque books and 75 PAN cards were seized from one of the gangs which were used to gyp various banks.

One gang of three floated fictitious software companies and created an employee base with creating fake appointment letters. “They created fake identity proofs for these employees and opened salary accounts in their names in various banks. To curry credibility, they maintained a good balance in these accounts for some time and obtained debit, credit cards and PAN cards,'' police commissioner A K Khan told reporters.

The fraudsters then took personal and vehicle loans from 18 banks and swiped the credit cards for purchases, misappropriating Rs 1.07 crore from banks. Police arrested three persons— M Venkata Suresh of Shaikpet, K Srinivasa Rao of Manikonda and K Naveen Kumar of Ameerpet -- for carrying out this scam.

“The trio opened several firms with names like Tekq Techologies, Adroit Software Development and Consultancy, Elite Software Technologies and Info Private Limited, Mqarquis Software Solutions and Services India Private Limited and Jam Television Private Ltd since 2009.

They posed as the director and partners of these firms," Khan said.

The trio were caught by the East Zone Task Force sleuths and were handed over to the Banjara Hills police for further action.

Police said the other gang, also of three— Syed Shakeel alias Ali of Old Bowenpally, R Vinay Kumar and P Suresh Kumar of Malkajgiri— were into duping entrepreneurs with promises of bank loans. “They used to give advertisements in the newspapers promising help in securing loans. If someone responded to the ads, Shakeel used to pose as an advocate and the others as property evaluators. They would collect some money from the victims as 'collateral security' amounting to one or two percent of the loan promised and scoot when the money fell in their hands.

They thus duped nearly 10 persons but only three victims could be identified by the police. In one case, the trio collected Rs 24 lakh from a man from Marredpally who was in need of Rs 5 crore to set up a power project in Uganda.

Police said Shakeel purchased a Verna for his own use, a Micra for his wife, a Yamaha FZ for his son and led a lavish life.

Police have recovered the cars, two-wheelers, gold ornaments, 11 mobile phones and other valuables from them.

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