Bank fraud accused arrested
The Hindu
Duo submitted fake invoices inflating cost of machinery to obtain huge amount as loan
Two persons accused of submitting fake bank invoices, and inflating costs of machinery to avail funds sanctioned under the Prime Ministers Employment Generation Programme (PMGEP) were apprehended, police said on Thursday. The Central Crime Station police identified the accused as Mudavath Srinivas (37), and Palathya Ravi (25). Both are residents of Khaja Bagh in Saidabad. Police said that on June 1, the Chief Regional Manager of Indian Overseas Bank approached them with a complaint in which he stated that the accused and several others availed loans from the bank’s Pathergatti branch, approximately ₹1.4 crore, under the PMGEP scheme to start a unit which manufactures bricks.More Related News
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