Three persons, who secured loans worth Rs.1.07 crore from various banks after floating five fictitious software companies, were caught by the city police on Sunday.
The arrested persons, M. Venkata Suresh, K. Srinivasa Rao and his brother Naveen Kumar, ‘established' the companies and developed an employee base by creating fake appointment letters. They opened accounts and deposited their ‘salaries' in them.
With the help of bank statements and salary slips, the gang's members obtained PAN cards in the name of the employees. With these documents, they secured credit cards for various purposes and even obtained personal and vehicle loans from 18 banks, City Police Commissioner A.K. Khan told reporters here on Sunday.
Posing as directors and partners, the accused men floated the bogus companies -- Tekq Technologies, Adroit Software Development and Consultancy, Elite Software Technologies and Info Private Limited, Marquis Software Solutions and Services India Private Limited and Jam Television Private Limited -- since 2009 and secured loans totalling Rs.1.07 crore from 18 banks.
Police recovered Volkswagen and Verna cars, gold ornaments weighing 14 tolas, 150 cheque books, 120 forged ID cards, 170 debit and credit cards, 75 PAN cards, 21 mobile phones and 82 SIMs, computers, two split air-conditioners and Rs.3.06 lakh from them.
Police officials said the trio could have committed the fraud by colluding with bank officials. “We are also probing the bank officials' role as loans were sanctioned without signatures,” they added.
Held for cheating
Meanwhile, in another case relating to bank loans, the city police on Sunday caught three persons on the charge of cheating several entrepreneurs promising them bank loans.
The arrested have been identified as Syed Shakeel of Old Bowenpally, R. Vinay Kumar and P. Suresh Kumar, both residents of Malkajgiri.
Police seized three cars, three motorcycles, gold ornaments, 11 mobile phones and other valuables from them. In all, the gang had cheated 10 persons till now.
The trio had collected Rs.24 lakh from a person from Marredpally who was in need of Rs.5 crore to set up a power project in Uganda. Shakeel was leading a lavish life with the money collected from people, police said.
