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Fake home loan racket busted
The fake home loan racket involving retired government employees, who duped a State owned bank, was busted by police on Friday. Cheating cases were registered against 12 persons, amongst whom four including the prime accused were arrested.
Hyderabad: The fake home loan racket involving retired government employees, who duped a State owned bank, was busted by police on Friday. Cheating cases were registered against 12 persons, amongst whom four including the prime accused were arrested.
According to L B Nagar police, several retired employees, who colluded with a home loan consultancy, were able to raise money to the tune of Rs 3 crore by submitting fake documents to the State Bank of Mysore (Chaitanyapuri Branch). In their documents, they claimed to have applied for a loan to buy a flat in Classic Apartment in Gajularamaram.
When these individuals failed to pay their monthly EMIs, the bank administration probed and was shocked to find the documents submitted by them were phony. Later, the Chief Manager, Murali Naik complained to the police which began investigation in June, 2016. Besides the prime accused, V Krishna Rao, 45 of Home Loans Consultancy, retired railway employees Joseph, Sanjeevaiah and Vinod Kumar were arrested.
