Businessman held for duping bank to the tune of 6.5 cr

The police on Wednesday arrested the Director of K B Rolling Mills Private Limited who is accused of cheating Kotak Mahindra Bank by availing Rs 6.5 crore credit facilities and diverting the hypothecated goods from his company.

According to police, the accused Subhash Kumar Kedia (44) was arrested in connection with cheating the Kotak Mahindra Bank, Panjagutta Branch, to the tune of Rs 6.5 crore credit facility and diverting the hypothecated goods from his company at Muppireddypally village, Manoharabad Mandal, Medak District. Subhash is a resident of Blossam Residency at Panjagutta in Hyderabad.

Acting on the complaint of Mohammed Iqbal, Associate Vice President (Collections) of Kotak Mahindra bank at Rajbhavan Road in Somajiguda, a case was registered under sections 420, 406 IPC at Central Crime Station, Detective Department.

In their investigation K Umesh Chary, SI, Special Investigation Team (SIT) found that the accused cheated the bank. After his arrest, the police produced him at Court and remanded him to judicial custody.