Hyderabad: Two arrested in Rs 1.39 crore bank fraud case | Hyderabad News – Times of India


HYDERABAD: Central Crime Station (CCS) sleuths arrested two persons in Rs 1.39 lakh bank fraud case on Thursday.
The accused are, M Srinivas, 37, and P Ravi, 25, of Khaja Bagh in Saidabad. On June 1, CCS police received a complaint from the Chief Regional Manager of Indian Overseas Bank (IOB) stating that P Ravi and seven other accused availed Rs 1.39 crore loan under PMEGP Scheme (Prime Minister’s Employment Generation Program) from the IOB’s Pathergatti Branch to start units for manufacturing cement bricks.
“During the loan sanctioning process, the accused submitted fake invoices, quotations of non-existent suppliers. The cost of machinery was exaggerated and they had shown details of fake units and also fabricated rental and lease agreements. During the course of investigation, it is established that M Srinivas created fake quotations in the names of two companies M/s Jai Sai Ram Enterprises and M/s Sri Nagu Saadh Enterprises, showing material supply to Ravi and other accused. Ravi and other accused also submitted fake rental agreements of their manufacturing units to avail loans. Eight fraudsters cheated the bank for R 1.39 crore,” the complainant alleged.
Based on the complaint, police arrested the key accused, Srinivas and Ravi on Thursday. They were remanded in judicial custody.

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