Industry & Economy
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Economic Offences
Fake document scam busted in Kadapa
Our Bureau
Hyderabad
,
July 13
STATE Police in Kadapa district have seized 19 vehicles of different make worth over Rs 2 crore and arrested a gang, which was involved in producing fake documents and obtaining loans from banks and financial institutions.
Stating that 9 persons of the gang have been so far arrested, the State Home Minister, Mr K. Jana Reddy, said five special teams have been deployed to find four more suspects and to identify persons of various institutions involved in the case.
Mr Jana Reddy told the State Assembly during question hour that a case was registered on June 7. Four vehicles were seized with fake documents from the premises of Mr Veera Siva Reddy, the Telugu Desam Party legislator of Kamalapur in the district, a statement the legislator vehemently denied.
The Home Minister named ICICI, Magna Finance, GE Countrywide, Citi Corp and Sreerama Finance among the financial institutions from whom the gang had obtained loans in the name of vehicle finance by producing fake documents.
The issue led to heated arguments between the treasury and the Opposition and allegations by the Opposition TDP that the Government was targeting their leaders in the Kadapa and Anantapur districts systematically.
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