A Sub-Registrar and a realtor were arrested by the City Police Tuesday on the charge of cheating the chairman of Vijayabhanu Publications B. Chandrasekhar.
Rudramraju Sesham Raju (65) of Vijayawada, residing at Madhavadhara in the city, and K. Satyanarayana Murthy (50), Sub Registrar of Narsipatnam in the district, borrowed a total of Rs.1.08 crore from Chandrasekhar with the help of fake documents and failed to repay the loan.
Giving details to the media, Deputy Commissioner of Police P. Viswa Prasad said that Chandrasekhar and Murthy were friends for many years.
Murthy introduced a realtor, Sesham Raju, to Chandrasekhar saying that he had ancestral property worth crores of rupees in Hyderabad, Visakhapatnam and Vijayawada. Raju approached Chandrasekhar in 2011 and sought a loan of Rs.96,00,000. Chandrasekhar declined saying that he did not have so much money with him.
Later, Raju and Murthy conspired and said that Raju had GPA-cum-sale agreement on a land worth Rs.5 crore in the city as also some other lands and showed him forged documents. The accused also gave Chandrasekhar promissory notes for Rs.60 lakh and Rs.36 lakh in presence of witnesses.
Cheated second time
Believing them, Chandrasekhar raised the amount demanded from his friends and acquaintances and gave them the money. Raju neither paid the principal nor the interest and when Chandrasekhar sought repayment in June 2012, he said that he had no money.
Raju fooled him once again saying that he had won ownership of some land in a court case and had to pay Rs.12.5 lakh to get the issue settled. He, however, did not repay this amount also leaving Chandrasekhar no other choice but to lodge a complaint with the police.
Mr. Viswa Prasad said that during the investigation it was found out that Raju was involved in four other cheating cases registered in the I town police station in Vijayawada. The Sub Registrar is already under suspension and was known to the prime accused for a long time.
Assistant Commissioner of Police (North) C.M. Naidu and Document Fraud Investigation Team (DFIT) Inspector K. Satyanarayana Rao investigated the case and arrested the accused at Madhavadhara.
Duo fails to repay Rs.1.08 crore borrowed from the chairman of Vijayabhanu Publications