5 days ago
Wanaparthy police arrest constable-turned-builder on loan fraud charge
A police constable-turned-builder accused of duping his own department's Bharatha scheme and multiple banks to the tune of Rs. 2.61 crore was arrested by the Wanaparthy police on Tuesday.
The 37-year-old accused Bandaru Rakesh, who joined back to duty after a long leave of nearly nine years, fabricated documents to secure multiple loans from three houses, Wanaparthy Superintendent of Police Ravula Giridhar said at a press conference. He got selected as Armed Reserve constable in 2007 and got converted his service into Civil a couple of years later.
Using the connection while serving as a civil constable, he entered real estate business and created his own venture of houses. He first sold one of the houses in his venture to his aide Sunkari Shekhar. He created fake documents stating that he had purchased the house from Shekhar and availed home loan from police department's Bhadratha scheme.
'Using the same details, he fabricated documents and secured home loans from Indian Overseas Bank, HDFC and LIC,' the SP said. With this modus operandi, he collected Rs. 89 lakh in the form of multiple bank loans. In the same fashion, he availed multiple home loans from different banks. The accused spent most of the money he had earned for his lavish lifestyle and ended up behind the bars, Mr. Giridhar said.
