City police has unearthed a fake gold loan racket and arrested 3 people. Police recovered cash and house from their possession. DCP CCS Mr. G Pala Raju told in a press conference that the 3 men who worked in Sriram City Union Finance ltd. Himayatnagar as executives collected ID proofs of existing customers, staff without their knowledge and created loan applications and forge their signatures and without deposit of any gold, they used to draw the cash from the cash chest which is in their joint possession. The fraud came into light during the audit checks and the management has complained to police. Police arrested Avunooru Srikanth s/o A. Sampath Rao, Mugannagari Venkata Siva Reddy s/o M. Narapa Reddy and Venna Srikanth s/o V. Somaiah. They have cheated the company to the tune of 1.75 Cr.
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