Man held for cheating bank

A cutlery company owner from Cherlapally was arrested by the Central Crime Station sleuths of Hyderabad on Thursday for cheating Bank of Maharashtra to the tune of `2.5 crore by producing false documents of sale deeds by increasing the property value.

According to the police, a case was registered against Narayana Peesapaty, following a complaint from the zonal manager of Bank of Maharashtra (Hyderabad zone) that Narayana produced fake documents to avail loans and failed to repay them.

During investigation, it was found that Narayana and his friends Anu Kashyap Durr and Ramadevi Rayapudi, incorporated Bakeys Food Pvt Ltd at Cherlapally industrial area. He approached the Bank of Maharashtra requesting loans to set up a plant to produce edible cutlery.

“The accused also approached other people who have land ‘on records’ but not in physical possession. The accused negotiated with them and gave sale deeds for properties situated in Bahloolkhanguda in SR Nagar,” said detective department DCP Avinash Mohanty. As per the sale deed, the value of the property is `45 lakh.

Narayana however showed that the property was `2.5 crore and availed the loan. His bank account was declared a non-performing asset by the bank.