A businessman accused of cheating four banks of Rs.9 crore was arrested by the Hyderabad Central Crime Station while hunt is on for a Chartered Accountant who allegedly abetted him.
The accused, K. Suresh Kumar, 35, of Dilsukhnagar, had availed loans from four banks by mortgaging documents of six properties. Three sets of the documents he presented were fabricated, CCS Inspector Pratap Kumar said. S. Kumar has three immovable properties at Gaddiannaram and one each at Malakpet, Saroornagar and Narayanaguda.
In year 2001, he approached the Indian Overseas Bank - Koti, Indian Bank - Osmangunj, Syndicate Bank - Nampally and Jammu and Kashmir Bank - Abids and presented four sets of papers of the four properties. Over the next few years, he raised loans to the tune of Rs. 9 crore from these banks, the police said.
He had been paying the loan instalments regularly but defaulted in 2009. While reviewing the loans extended to him, the bankers found that the accused had presented genuine documents only with the Indian Bank and those submitted to other banks were fake.
The Indian Bank officials sold off three of the properties shown as collateral security by the accused. Meanwhile, the Jammu and Kashmir Bank filed a criminal case with the Abids police last year. The case was transferred to the CCS.
“The accused maintained that he had paid a commission to the Chartered Accountant, Diwakar, which ran into lakhs of rupees, to secure loans,” Mr. Prathap Kumar said. The chartered accountant is absconding. The investigators hope to bring to fore the possible complicity of the bankers in the case after nabbing Diwakar.
The arrested, Suresh Kumar, was running several businesses. His father, K. Rajendra Kumar, who too was cited as second accused in the case, heads the managing committee of an international school.
