Twelve persons have been arrested by the MVP Zone Police on charge of cheating the Kotak Mahindra Bank to the tune of Rs. 6 crore by taking loans after pledging fake gold jewellery.
The arrested were identified as: Sunkuru Neelamadhav Subudi (34), the main accused in the case, his mother, a few others and the gold appraisers of the bank’s MVP Colony branch, K Banoji Rao, A Shiva Kumar, MSM Bhushan, R Panduranga and D Veerabhadra Swamy.
Neelamadhav, native of Berhampur in Odisha, migrated to the city and settled at PM Palem.
He incurred losses in the cashew nut business.
He decided to cheat the banks in the city and procured huge quantity of fake gold jewellery with the support of his friends Umashanakr Patro and Pradyum Pandey, who owned a jewellery store in Bhubaneswar, according to Assistant Commissioner of Police (Dwaraka Zone) P. Ramachandra Rao.
Neelamadhav in collusion with the gold appraisers of the bank made his mother and a few others pledge the gold coated jewellery between August and September-2016 and took a loan of Rs.6 crore.
The bank authorities came to know about the fraud as the borrowers had not paid a single instalment of the loan.
They lodged a complaint with the MVP Police Station recently.
Based on the complaint, Inspector KP Naidu and his team investigated the case and nabbed Neelamadhav and his mother S. Syamala Subudi, five borrowers and five appraisers.
The police are yet to recover the amount as it was transferred to the accounts of Umashanakr Patro and Pradyum Pandey.
The ACP said they were investigating the case from various angles to nab the remaining accused and also verifying the alleged involvement of the bank staff.
Special team
A special team has been formed to recover the amount.
