Hyderabad: One held for cheating Bank of Maharashtra

Hyderabad: On a complaint from Zonal Manager of Bank of Maharastra, Hyderabad Zone, police registered a case of Bank loan fraud case of Rs 2 crore against one Narayana Peesapaty started a company styled as Bakey’s Food Pvt Ltd. at Plot No. 94, Phase-2, IDA Cherlpally in connivance with Anu Kahsyap Durr, and Ramadevi Rayapudi and took up investigation.

According to police, the principal accused approached Bank of Maharashtra, Khairtabad Branch, and sought Rs 2 crore loan for establishing the plant and machinery to produce edible cutlery. Narayana Peesapaty struck a deal with the two persons, who had land on record, but not in physical possession. The latter agreed to execute sale deeds of the property situated in Bahloolkhanguda, SR Nagar, Hyderabad. As per the sale deed, the value of the said property is worth Rs 45,00,000. Narayana approached the bank manager for loan by mortgaging the property.

The accused showed the property value as Rs.2.50 crore instead of Rs 45,00,000 which is the original market value. The accused, who availed loan failed to repay to the bank and the account was declared as Non-Performing Asset (NPA). Acting on the complaint, the police arrested Narayana Peesapaty on Wednesday afternoon and produced before the court for judicial remand.