HYDERABAD: Karkhana police on Tuesday arrested Prashant Saboo, the director of Saboo Cars Pvt Ltd and Kura Motors Pvt. Ltd. (KMPL) on charges of forgery and cheating. K Veerendher Reddy, a non-Executive Director of KMPL lodged a complaint stating that Prashant Saboo forged his signatures and availed huge amounts up to Rs 40 lakh on the pretext of car loans.
In July, 2021, staff of Sundaram Finance Ltd approached Veerendher and informed him that EMIs were pending for two car loans which Prashant Saboo had availed in the name of KMPL. Shocked on hearing this, Veerendher realised his signatures had been forged. Inquiries revealed that Prashant Saboo applied for these loans as he signed both the loan agreement and guarantee documents and suppressed these details.