Rachakonda police nab 4 for cheating banks with fraudulent loans

HYDERABAD: Four persons have been arrested by the SOT Malkajgiri team and the Nacharam police for defrauding banks by obtaining multiple fraudulent loans. The police confiscated 93 debit cards, three credit cards, 28 PAN cards, 54 Aadhar cards, 17 cell phones, 24 company identification cards and a Wolkswagen car.

The main suspect, Boda Srikanth, who hails from Warangal district, was apprehended along with his associates at his house in Kukatpally. He used to read newspapers and watch YouTube videos about various scams before coming up with the idea of forming fictitious companies, obtaining loans and eventually evading payments.

Srikanth obtained Aadhar cards from Banoth Suman and Yadla Bikshapathi, both of whom lived close to his house in the erstwhile Warangal district. He formed a fictitious company called "Living Interior Designer" with them as proprietors.

Boda Srikanth hired 53 people to work for his company, "Living Interior Designer," and he opened their savings accounts at the ICICI Bank's Habsiguda, Ramanthapur and Uppal branches so that their salaries could be credited to them through the bank.

The bank officials opened the accounts in their bank after believing accused Boda Srikanth's story. About 34 credit card holders received salary credits ranging from Rs. 1 lakh to Rs. 2 lakh from Boda Srikanth, who also increased their income range so they could qualify for a "Good Credit Line" and the highest possible purchase/credit limit.

Srikanth used 34 credit cards to withdraw a total of Rs. 1,33,65,000 using ICICI Bank's credit card services. He created two fictitious businesses and defrauded YES Bank, HDFC and other banks.

Boda Srikanth also acquired a Ford Endeavor from Bank of Baroda and a Volkswagen from Axis Bank by making partial down payments withdrawn from their credit cards with ICICI Bank.

The police looked into the matter after receiving a complaint from the Syam Sunkara branch manager of ICICI Bank in Habsiguda, who claimed that one Banoth Suman and Yadla Bixapathi had established a fictitious company under their names and obtained several loans between September 2019 and April 2021, with all of the beneficiaries failing to pay back the loans. After a thorough investigation, it was discovered that the aforementioned firm was fictitious and that none of its employees were employed by it.

A case has been registered at Nacharam police station under section CR No 258/2022, U/S 420, 506,120 (B) and R/W 34 IPC. The seized property and apprehended persons are being produced in the court for Judicial remand. Efforts are in progress to nab the remaining persons.