Hyderabad man defrauds bank of Rs 2 crore, arrested

A man was arrested on Thursday night for defrauding a public sector bank to the tune of Rs 2 crore here in the city.

Pisapati Narayana, a resident of Cherlapally borrowed Rs 2 crore loan from Bank of Maharashtra to set up a Bakery food products company by mortgaging a land at Bahulkhanguda in SR Nagar which is worth of Rs 45 lakh. Narayana created fake documents of the land with property worth Rs 2.5 crores and submitted the documents.

After he failed to pay the loan instalments, the bank officials went to seize the land where they learnt that the actual land cost was Rs 45 lakh. The bank zonal manager lodged a complaint with the police who arrested the accused.