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Hyderabad: Realtor held for duping bank

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The Detective Department (DD) of Hyderabad police on Friday arrested a defaulter Venkata Siva Reddy for allegedly duping PNB bank in tune for Rs 2 crore 90 lakh According to police, the accused person is a real estate businessman and he purchased a land of 10540 Sq

Hyderabad: The Detective Department (DD) of Hyderabad police on Friday arrested a defaulter Venkata Siva Reddy for allegedly duping PNB bank in tune for Rs 2 crore 90 lakh According to police, the accused person is a real estate businessman and he purchased a land of 10540 Sq. yards in Lingojiguda, Saroor Nagar Mandal from Raja Giridhar Kumar and 3 others in the year 2005.

After purchasing the land, the accused a native of Kurnool and his 3 associates, modified the survey number of the land and mortgaged it in the PNB Bank of Nanal Nagar branch on the name of M/s Eigerburg Pvt. Ltd. and obtained the loan with an intention of duping the bank.

Thereafter the accused persons defaulted on the loan and the firm was declared as NPA (Non-Performing Asset) by the bank and a case was registered by the bank officials.

Based on the complaint, the officials of DD investigated the case and arrested the accused under section 420, 465, 467, 468, 471, 120(b) r/w 34 of IPC and the matter is being investigated.

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