Telangana Crime Investigation Department (CID) arrested five people in cases involving surplus loan fraud involving Idbi Bank in the Khammam area, detaining the total number of defendants in seven.
Director Shikha Goel said the scam revolves around fraudulent loans issued under the guise of agricultural and micro loan schemes and is backed by fake land records.
“The latest arrests on May 9 include Bobbili Vengal Rao, Bobbili Jaganatham, Yelike Haribabu, Mudagandla Rajashekhar alias Raju and Pinneboyana Konda Babu. The five people play a key role in creating illegal and secure bank loans for false documents and seals.”
The case was revealed after an internal audit marked a suspicious deal between former IDBI branch manager Nallagopula Ramesh and former corporate correspondent Chettipogu Suresh.
According to a complaint filed by Deputy General Manager and IDBI Regional Head PH Hashim, the duo conspired with others to approve Rs 279 loan of Rs 279 and offered Rs 279 beneficiaries and 26 individuals between September 2015 and September 2015.
Subsequent verification by tax authorities confirmed that the submitted Pattadar was mailed as proof of ownership of the land.
CID registered a case under multiple sections including cheating, forgery and criminal conspiracy. Ramesh and Suresh were both arrested and remanded in custody before.
publishing – May 10, 2025 at 07:32 pm ist
