According to police, the accused cheated Andhra Pradesh bank and took loan of Rs. 1.5 crore with the help of fake documents.
"Both the accused, who have been identified as D Nagendra (borrower) and M Laxma Reddy (Mortgagor) colluded with each other and obtained SOD Loan of Rs. 1.50 crore as a working capital for civil contract of M/s DVR Project from Andhra Bank's Marredpally Branch in Secunderabad by submitting fake and fabricated land documents," said police.
After obtaining loan in year 2015, the borrower Nagendra defaulted in the repayment of the loan installments. When the bank officials physically verified the mortgaged property, they found that the documents submitted by Reddy as collateral security were fake and fabricated. (ANI)