Hyderabad: Bank Loan Scam, two arrested

Hyderabad: Two accused persons, Dulam Nagendra (borrower) and M. Lakshma Reddy (Mortgagor) have colluded each other and obtained SOD Loan of Rs.1.50 crores as a working capital to civil contract of M/s DVR Project from Andhra Bank, Marredpally Branch, Secunderabad by submitting fake and fabricated land documents pertaining to property admeasuring Ac. 5.28 Guntas situated at Ramdaspally Village, Ibrahimpatnam Mandal, Ranga Reddy District.

After obtaining the loan in the year 2015 the borrower Nagendra defaulted in the repayment of the loan installments. Upon which the bank officials physically verified the mortgaged property and found that the documents submitted by Laxma Reddy as collateral security were fake and fabricated. In this regard the Chief Manager, Andhra Bank, Marredpally Branch Secunderabad has lodged a complaint.

The above persons were arrested and produced before the XII ACMM Court, and they remanded to judicial custody.
The case is being investigated by K. Sreenivas Reddy, Asst. Commissioner of Police, E. Division, CCS, DD, Hyderabad with the assistance staff under the direct supervision of G. Jogaiah, Addl. D.C.P. (EOW), CCS, D.D.(NSS)