₹4.5 Cr IKF Finance loan fraud: Cyberabad EOW police register case against 6
Police said forged and disputed property documents were allegedly used as collateral to secure the loan
By Newsmeter Network
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Hyderabad: Cyberabad Economic Offences Wing (EOW) police have registered a case against six accused in connection with an alleged Rs 4.5 crore loan fraud.
Police said forged and disputed property documents were allegedly used as collateral to secure the loan.
Complaint by Finance Company
The case was registered based on a complaint filed by IKF Finance Limited, which stated that the accused had deliberately misled the company to obtain a large business loan.
Accused named in the case
According to the complaint, the accused include Gopalakrishna Agarwal, Rashmi Agarwal, Rishi Agarwal, Shlok Agarwal, Rikkal Mahender Reddy, and Puppala Kalyan Prasad.
How the fraud allegedly occurred
The accused reportedly approached IKF Finance recently seeking a business loan and submitted property documents as collateral. Believing the documents to be genuine, the finance company sanctioned a loan of Rs 4.5 crore.
However, during subsequent verification, IKF Finance staff discovered that some of the properties submitted as security were in the possession of third parties, while others were already under legal dispute.
EOW probe underway
Terming the act as a deliberate attempt to cheat, the finance company lodged a complaint with the Cyberabad Economic Offences Wing.
Based on the complaint, EOW police registered a case and initiated an investigation to ascertain the full extent of the fraud and the role of each accused.
Further inquiry is currently in progress.
