CCS books bizman, 7 others for ICICI bank loan fraud

Hyderabad: A land deal that looked routine on paper has unravelled into an alleged web of forged documents, circular money trails and duplicate loans, landing a Hyderabad-based businessman and his associates in trouble.Central crime station has booked Bayana Prakash and seven others for allegedly cheating ICICI Bank of Rs 1.7 crore by fabricating land records and routing loan proceeds back to themselves. In a complaint to the police, Amarjeet Mundra, regional head (mortgages) at ICICI Bank's Begumpet branch, said Prakash, a native of Rajahmundry, took a Rs 1.02 crore land loan in Feb 2023 to purchase a 375 square yard plot at Tarnaka. His mother, Bayana Bhanu Mydhily, was shown as co-borrower, and the loan amount was credited to the seller K Narsing Rao's bank account. Serious lapsesSuspicion arose when the bank noticed delays in completing the transaction. During a site visit, officials found that a third party had already begun constructing a multi-storeyed building on the plot. Subsequent internal checks revealed serious discrepancies in the documents submitted to the bank. "During the internal checks, certified copies of the sale deeds shared by the borrower were retrieved, and it was found that the link document executed by S Hussain Zaheer memorial educational society, represented by its president Ali Jaffar Ahmed (dated May 4, 2015), in favour of Narsing Rao and Y Kamala Rani, registered at the sub-registrar office, Hyderabad, and submitted to the bank, was fabricated, as there were differences in spellings and signatures indicating fabrication," the complainant alleged. The bank further alleged that after receiving the loan amount, Narsing Rao transferred Rs 87 lakh back to multiple accounts linked to Prakash. "Upon discussion with the seller, it was stated that the sale consideration was already paid earlier and hence the amount was returned, confirming circular movement of funds between the seller and borrower," the banker alleged. Partnership firmThe complaint also said Prakash and his partner Potturi Poornima allegedly used the same fictitious property to secure a Rs 68 lakh overdraft for their partnership firm in Aug 2023. Based on the complaint, police registered a case on Feb 4 under multiple sections of the Bharatiya Nyaya Sanhita, including cheating, criminal conspiracy and forgery. "We are verifying the evidence, and appropriate legal action will be initiated based on the preliminary probe findings," a CCS official said.