Hyderabad, October 7: A significant fraud involving a staggering INR 24 crore has emerged at the Union Bank of India’s Ramachandrapuram branch, with multiple companies implicated in the scheme. 11 companies, including R K Media Promotions, SVK Traders, and SMR Granites Pvt Ltd, have been accused of defrauding the bank, with amounts ranging from INR 1.93 crore to INR 3.19 crore attributed to each entity. The fraudulent activities primarily revolve around individual borrowers who had mortgaged properties at the bank, leading to serious allegations of cheating, forgery, and criminal breach of trust.
According to a Times of India report, the fraudulent activities at the Union Bank of India’s Ramachandrapuram branch came to light in March 2021 when irregularities in loan accounts were discovered during routine audits. Investigations revealed that the involved companies had colluded with individual borrowers to secure loans against mortgaged properties, which were often overvalued or lacked proper documentation. This manipulation allowed the companies to siphon substantial amounts of money from the bank, ultimately resulting in the staggering INR 24 crore fraud. Telangana Cyber Scam: NRI Duped of INR 1.40 Lakh After Fraudsters Create Fake Social Media Profile, Threaten To Leak Obscene Content to Family in Hyderabad, Probe Launched.
The modus operandi involved presenting false information to bank officials, including fabricated financial statements and inflated property valuations. Once the funds were disbursed, the companies defaulted on repayments, while the mortgaged properties remained largely unprotected due to the lack of valid documentation. Among the companies involved in this elaborate scheme are R K Media Promotions, which allegedly defrauded the bank of INR 2.25 crore, and SVK Traders, responsible for swindling INR 2.66 crore. Mule Account Scam: Fraud Worth INR 175 Crore at Hyderabad SBI Branch, Manager Among 4 Arrested.
Other notable entities include Divya Argo Food Products, accused of duping the bank out of INR 2.17 crore, and Sai Sri Balaji Traders, which reportedly committed fraud worth INR 2.02 crore. Additionally, SMR Granites Pvt Ltd is implicated in siphoning INR 3.19 crore, while Rana Enterprises and Pardha Granite Industries defrauded INR 2.35 crore and INR 2.97 crore, respectively. Vaishnavi Granite Industries and Best C Mobiles Sales and Services also feature prominently in the investigation, further complicating the matter.
Following the extensive investigation into these fraudulent activities, a case has been officially registered by the Cyberabad Economic Offences Wing, focusing on charges of cheating, forgery, criminal conspiracy, and criminal breach of trust. Investigators are now working diligently to unravel the full scope of this scandal and hold those responsible accountable.
(The above story first appeared on Today News 24 on Oct 07, 2024 09:11 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website todaynews24.top).
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