After taking loans and failing to repay them, two fictitious companies allegedly duped Canara Bank’s Balanagar branch.
One case involved AFS Constructions taking a loan from the bank of Rs 1.3 crore. It was discovered later that AFS was an inexistent company, but the loan had been processed using false collateral. It was alleged that two people, Mohd Chand Pasha and Fayaz Ahmed, were posing as directors.
In another case, the bank approved Rs 1.41 crore to Tirumala Enterprises Civil Engineering company based on fake property documents.
In an investigation after the companies failed to pay the loans, it was found that the companies did not exist and the borrowers submitted false documentation.
Two cases have been registered at the Hyderabad Central Crime Station, and they are under investigation. It is suspected that some bank officials might have colluded with the conmen.
Businessman duped of Rs.1 Cr in Crypto Scam
Cyber fraudsters conned a businessman from Mehdipatnam into making cryptocurrency investments worth Rs.1 crore.
Police confirmed that the victim’s phone number was added to a group on WhatsApp that had several people who reportedly dealt in cryptocurrency and made huge profits. A number listed in the group purportedly belonging to an investment firm was contacted by the victim after going through the group’s conversations. In order to trade, the executives requested that he download two mobile apps.
As soon as he downloaded the app, he made small investments and earned profits. A cybercrime police official said he invested around Rs.1 crore in cryptocurrency and through direct payment over a period of time, but he was unable to withdraw the money and contacted the Hyderabad Cybercrime police after realizing he had been duped. A case has been filed and is being investigated.
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