Hyderabad: Two fake companies allegedly defrauded the Balanagar branch of Canara Bank of Rs 2.71 crore by taking loans and failing to repay them.
The first company, AFS constructions, took a Rs 1.3 crore loan from the bank. The bank officials later realised that AFS was a fictional company but somehow the loan was clarified based on fake documents. Two individuals, Mohd Chand Pasha and Fayaz Ahmed had shown themselves as directors of the company.
Another case involves the bank loaning Rs 1.41 crore to Tirumala Enterprises Civil Engineering company on the basis of false property documents presented as collateral. Prasad Reddy had taken the loan amount from the bank.
As the companies were unsuccessful in returning back the loans, an enquiry was held. It was found that the companies were non-existent and had submitted fake documents to take loans.
Two cases have been registered by the Hyderabad Central Crime Station and an investigation is in the process.
The police suspect some involvement of bank officials with the conmen in the fraud.
This post was last modified on August 13, 2022 12:39 pm