Cyberabad police bust major loan fraud in Hyderabad, 18 held
Customers with fraudulent documents had obtained loans exceeding Rs. 10 lakh
HYDERABAD: The Special Operations Team (SOT), Balanagar zone, along with Kukatpally police nabbed 18 persons on Tuesday for their involvement in loan frauds and recovered 687 fake rubber stamps and 1,180 fake certificates and documents belonging from the accused all worth Rs. 10 crore.
Cyberabad police Commissioner Stephen Raveendra explained that irregularities in housing loan files often lead to rejection by banks, prompting customers to seek advice from loan consultants and agents for approved home loans.
G. Ranga Rao, the main accused, was involved in two criminal cases involving fake rubber stamps and documents at Jeedimetla police station (2005) and Meerpet police station (2012).
G. Ranga Rao fraudulently rectified deviations and irregularities using fake rubber stamps and documents from various government departments in the first case.
The second accused, Manik Prabhu, allegedly created fake rubber stamps in accordance with Ranga Rao's requirements.
Kothapally Sudhakar, a loan consultant, and Naga Malleshwar Rao, a loan agent, were accused of conspiring to defraud home loan customers to make easy money together.
Stephen Raveendra said that the fake documents used by the accused belonged to the Greater Hyderabad Municipal Corporation(GHMC) and Hyderabad Metropolitan Development Authority's(HMDA) and Revenue department.
The customer would approach Sudhakar (loan consultant) and Naga Malleswar rao (agent) for the loan procedure. These agents would detect the irregularities and approach the accused person Ranga rao for the creation of fake rubber stamps and documents in accordance with the irregularities.
Ranga Rao sought help from Manik Prabhu, Seetha Rama Raju, and Chandra Shekar for fraudulent rubber stamps, fake government proceedings copies, and fake layout drawings.
Ranga Rao would then approach Manik Prabhu to create fraudulent rubber stamps for Rs 1,000 each, Seetha Rama Raju for providing fake government documents copies based on anomalies, and Chandra Shekar charger Rs. 2,000 each for providing fake layout drawings. Ranga rao would charge between Rs. 5,000 and Rs. 10,000 for each document.
The customer would then submit the fake loan file to the banker after completing it for further processing. Loan consultants/agents coordinated with bankers, legal panel advocates, and valuators to finalize loan approvals on a commission basis, ranging from 3-4 percent based on loan amount.
Customers with fraudulent documents had obtained loans exceeding Rs. 10 lakh, necessitating verification of the roles of other agents, bankers, advocate panels, and valuators in this case.
Cyberabad police arrests 12 involved in business loan frauds
The Special Operations Team(SOT) and Kukatpally police arrested 12 persons involved in business loan frauds, seized 27 fake rubber stamps and 535 fake certificates/documents belonging to the Labor department.
Explaining the modus operandi Stephen Raveendra said, the customer approached the loan consultants and agents for the business loan process. These agents who would identify the irregularities and approach the loan consultants for creating fake rubber stamps and documents as per the irregularities.
Associates collaborated with license agencies for loan processing, receiving 2 percent to 3 percent on the loan amount and charging Rs. 10,000 processing fees per customer.
The main accused Vaka Nagi Reddy, who ran a loan consultancy in Kukatpally, along with his associates, hatched plans and exploited irregularities by creating fake documents, certificates, and rubber stamps of the labour department, earning money in a fraudulent manner.
The role of other agents, bankers, advocate panels, and valuations must be verified, said Stephen Raveendra.
Stephen Raveendra urged the public to report any information about fake certificates/documents to the police via Dial 100 or Cyberabad WhatsApp number 9490617444, ensuring their identity remains confidential.