EOW Cyberabad arrests one more accused in Rs 1.3 cr Bank fraud case
The Economic Offences Wing (EOW) Police Cyberabad on Saturday apprehended Mohammed Faiz Ahmed, one more accused of a bank fraud case involving a working capital loan of Rs. 1.30 crore.
Hyderabad: The Economic Offences Wing (EOW) Police Cyberabad on Saturday apprehended Mohammed Faiz Ahmed, one more accused of a bank fraud case involving a working capital loan of Rs. 1.30 crore.
Ahmed submitted forged documents and defaulted on payments, causing substantial losses to Canara Bank, Balanagar Branch, and the Government exchequer.
Mohammed Chand Pasha was absconding in the case and G. Srinivasa Babu, Ex-chief Manager, Canara Bank, Balanagar branch, Hyderabad (arrested on February 20), a police statement said.
The modus operandi was that the accused, Mohd Faiz Ahmed & Mohammed Chand Pasha, directors of M/s ASF Constructions Private Limited, conspired with G Srinivasa Babu. They secured a working capital loan of Rs 1.30 crore using forged documents for a water supply project at Khammam Municipality.
The accused defaulted on the loan payments, wrongfully gaining and causing significant losses to the Government exchequer.
Mohammed Faiz Ahmed is presented before the court for judicial remand.
The investigation is led by ACP M Hussaini Naidu, Economic Offences Wing, Cyberabad, supervised by DCP K. Prasad, EOW, Cyberabad.
