18 held in loan fraud, 1.8K forged documents seized
An ongoing investigation revealed that the fraudulent loans were obtained from a range of prominent banks, including SBI, Canara Bank, and Punjab National Bank.
HYDERABAD: In a major crackdown, the Cyberabad police have dismantled two separate fake document networks that have been clandestinely operating for the past eight years. These nefarious operations involved the creation of counterfeit rubber stamps bearing the names of high-ranking government officials and falsified documents purportedly issued by entities such as the GHMC, Hyderabad Metropolitan Development Authority (HMDA), Revenue, and other government departments.
Authorities have identified 63-year-old Ghanta Ranga Rao as the alleged mastermind behind the first case, while 24-year-old Vaka Nagi Reddy is suspected to be the main orchestrator in the second case. The perpetrators used these fake documents to secure home and business loans from various nationalised banks. The police arrested a total of 18 individuals and confiscated 1,347 counterfeit rubber stamps, 1,825 forged certificates and documents, 10 laptops, two stamp-making machines, two stamp flashers, and 65 mobile phones from the possession of the suspects.
An ongoing investigation revealed that the fraudulent loans were obtained from a range of prominent banks, including SBI, Canara Bank, and Punjab National Bank. Preliminary findings also suggest the involvement of bank verification officers, managers, a panel of advocates, and managers in facilitating this elaborate scam.
Police officials are currently scrutinising the roles of these individuals as part of their ongoing investigation, which has already uncovered a list of 50 clients who fell victim to the scammers. Addressing the media, Cyberabad Commissioner of Police Stephen Ravindra said that, as of now, there is no evidence of government officials being directly implicated in the scheme. According to authorities, the accused established a well-organised network across the twin cities and collaborated with loan agents to identify potential targets.