Two people involved in several bank frauds were arrested by the White Collar Offence wing of Hyderabad police here on Friday.
The accused, Jangirala Bharath Kumar and Vikram Pillarsetty, took a loan of ₹1.95 crore in the name of a bogus company M/s Amster Solutions from Allahabad Bank, Maruthinagar branch and cheated the bank. Based on the complaint lodged by deputy general manager of the bank, a case was registered and the duo arrested.
Joint Commissioner of Police (Detective Department) Avinash Mohanty said the accused floated several shell companies in the names of their friends and relatives through District Industrial Centre and availed loans from several banks by opening current accounts in the guise of doing businesses.
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“They diverted the sanctioned loan amount to their accounts through re-routing via different bank accounts of various shell companies and did not repay the amount ,” he said.
Kumar and Vikram are also accused in similar bank fraud cases registered by the Central Bureau of Investigation, Chennai.