A huge scam has surfaced in Hyderabad. Fraudsters have duped a bank to the tune of Rs. 1.98 crore by keeping fake documents as collateral. Hyderabad Cyber Crime Police has stepped in and pulled the coupe. Police arrested two suspects in the case and remanded them in custody. The details of this case are as follows.
Eight people have taken loans in the name of the Indian Overseas Bank under the Prime Minister's Employment Generation Program Scheme. They have taken loans submitting fake invoices and fake agreements. The bank processed the loan and the amount has been disbursed. The matter was recently identified by the Chief Regional Manager, Indian Overseas Bank.
The manager who discovered the fraud immediately complained to the cybercrime police. The police who registered the case are investigating. The police managed to identify the people who committed the fraud. As part of this, the cybercrime police arrested another person named Ravi along with Srinivas Naik from Hyderabad who is the key mastermind in the case. A case was registered against them and they were remanded. They are also investigating the case in the angle if someone in the bank were hand in glove with the fraudsters.