HYDERABAD: A businessman was arrested on Sunday on charges of cheating banks to the tune of Rs. 20 lakh.
Rajesh Kumar Agarwal (58), a resident of Banjara Hills, purchased a van in 2003 and prepared four registration certificates with the same engine and chassis details from different RTA offices. He obtained loans from various banks by submitting them as one of the documentary evidences.
As he failed to repay the loan, the bankers lodged separate complaints . The fraud came to light when Agarwal sold the vehicle to one Rajender in December last but refused to transfer the vehicle ownership, he agreed later .
When Rajender went to the RTA office, he came to know that transport officials had blocked the vehicle details. He later approached Punjagutta police, who took Agarwal into custody.