Hyderabad: Economic Violation of Wing (EOW) Sleuggad on Friday was arrested by Santosh Reddy (36), the Managing Director of Infrastructure Corporate, for allegedly deceiving Union Bank India from RS 53 Crore by using Bank Guarantee Forgery.
Police said Santosh, MD Kompass Private Ltd infrastructure, postponed the bank by exceeding its credit limit using a fake bank guarantee.
Two cases are registered with the company and the four directors, including Santosh, in Cyberabad.
“Santosh and his colleagues have cheated by the Bank in a tone of Rs 53 Crore,” said Cyberabad police.
The police arrested Santosh, who had run, from a house in Hills Jubilee.
On July 8, S Prakash Babu, the UNION UNION Bank of India, submitted a complaint to the Madhapur police who stated that the Director of the Kompass Infrastructure – Santosh, N Surivas, K Surender Reddy – obtained a bank guarantee from the Cassava Conductor to ₹ 53 Crore through 39 transactions Supports various recipients such as Hella Infra Market Ltd, HPCL and Infinity projects.
According to the police, the Defendant’s company conducted a civil contract work.
To get material from various supplier companies, the defendant has taken bank guarantees from sweet potatoes.
“Based on Bank Guarantees, eight companies supply materials to Santosh.
To get a bank guarantee from the bank, Santosh maintains the nature of one of the directors as a guarantee.
He qualifies to take bank guarantees for RS 15 Crore according to the norm,” Police said.
“After reaching the limit of ₹ 15 crore, the defendant must cover the guarantee of the old Bank or update it to get a guarantee of a new bank in its place.
To get material from various companies outside the sanctions boundaries determined by the bank, Santosh Forged Bank guarantees and is submitted to the company as if it were They were issued by the bank.
He also returned the guarantee of the original bank to the bank with fake papers companies as if they were returned by the company to get a new bank guarantee, “the alleged police officer.
During verification by bank officials, fraud was revealed.
Srinivas was issued a notification below Section 41 (a) CRPC at Santosh’s confession.
Two defendants fled.
Infra firm MD was held for RS 53CR fraud in HYD
