Two arrested for cheating Banks to the tune of Rs 1.60 Cr

Bangalore, Aug 29 (UNI) Two persons were arrested on the charge of cheating Nationalised Banks to the tune of Rs 1.60 Crore.

Police said that Govind Reddy and Shivaswamy, hailing from Andhra Pradesh, had availed loans from Banks by producing duplicate sale deeds.

The culprits had cheated eight Public sector banks including Bank of India, State Bank of Mysore, Vijaya Bank, Double Road and Hanumanthanagar Branches, City Finance, ICICI Bank, HSBC Bank.

The duo were on this crime since 1994 and were trapped today while making another attempt with the State Bank of Mysore. The officials scented foul play and alerted the police. The duo had produced eight duplicate copies of site allotment letter while seeking advance from the bank which proved to be false.

The modus aparandi of the duos were taking advances from the banks against the fabricated documents of houses and house sites only to deceive the financial institutions. Police also had received several complaints from banks on such nature of crimes sources added.

UNI