Credit card loan fraud: 9 held for duping 3 banks of Rs 1.5 crore

HYDERABAD: Nine persons, including a GHMC employee, were arrested on Thursday for duping three banks to the tune of 1.5 crore by floating a fictitious company, fictitious staff and raising loans using 125 credit cards obtained illegally.
Hyderabad in-charge police commissioner VV Srinivas Rao on Thursday said prime accused K Ranga Reddy, his brother-in-law T Vinay Kumar Reddy, internet cafe owner M Santosh Reddy, GHMC election cell employee M Naresh, voter ID application processing agent V Srikanth, HDFC employee G Kishore Babu, field executive of Paakr Consultancy & HDFC credit card application form verification agent G Sailesh Kumar, Innov Global Services & Application sales executive R Sandeep Kumar, V&Co verification executive U Anand and M Paramesh Kumar were arrested from different areas.
Police said Ranga Reddy floated 'Parnika Nano Systems' and registered it with Registrar of Companies in April 2013. Ranga Reddy and Santosh Reddy created fake IDs. Using them, V Srikanth, in connivance with Naresh, first procured 48 voter ID cards and then PAN cards.
Later, using the fake documents, Ranga Reddy and Vinay Kumar opened 48 salary accounts for the fictitious staff. "Ranga Reddy applied for credit cards in their name and even managed bank verification agent G Sailesh Kumar. After procuring credit cards, he siphoned off 45 lakh,'' Srinivas Rao added.
He had duped SBI and Standard Chartered of 25 lakh and 77 lakh respectively in 2015. During audits, bank officials came to know that credit cards were obtained by Ranga Reddy using fake documents and approached police.