AP: 5 including manager held for bank fraud

Guntur, Aug 9: Five persons including a bank manager and a professional document writer who cheated two banks to the tune of Rs 40 lakh using a fabricated title deed were arrested.

The Superintendent of Police Mahesh Chandra said here yesterday that C Srinivasa Rao and his mother Tirupatamma, who incurred a loss in business, borrowed Rs 30 lakh from ING Vysya Bank by depositing the title deed of their house.

Hatching a plot to borrow another 40 lakh from Mahesh Bank and public sector REPCO Bank, they enlisted the support of Mahesh Bank Manager P S Murthy and the bank broker K Rosaiah.

With the help of a professional document writer Shaik Adaam Safi, they fabricated a house title deed and secured a deposit in the ING Vysya Bank. On the basis of this, Mr Srinivasa Rao borrowed Rs 20 lakh from Mahesh Bank with Mr Murthy and Mr Rosaiah playing a key role in the fraud, he said.

Later, Mr Srinivasa Rao borrowed Rs 20 lakh more from the REPCO Bank, employing the same ploy, he added.

UNI