The Rajampet police arrested a real estate broker, K. Nagaraju (52) of Vijayawada, who issued four cheques for Rs. 200 crore, despite having a current account balance of just Rs. 420 in his Indian Overseas Bank account, Deputy Superintendent of Police P. Kosal Ram told journalists at Rajampet.
Nagaraju opened a current account in IOB, Nellore branch in the name of a fictitious company, Sri Shirdi Sai Infratech Ventures, with a dubious address in Dargamitta in Nellore, the DSP said. He submitted an affidavit to the bank though his firm was non-existent, Mr. Kosal Ram added.
Thereupon, Nagaraju met some land brokers at Lakdikapul in Hyderabad.
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He then came to Rajampet in August this year on learning that land transactions were vigorously going on in Mangampet near Railway Kodur.
The broker got his IOB account transferred to Rajampet by giving the address of a house with a ‘To let' board in Mannur.