Agro Firm Director Arrested For Duping Bank Worth Rs 1 Crore:- For defrauding the Vijaya Bank of Rs 1 crore in the city, an agro firm Director was arrested on Monday.

According to the police, owner of Tirumala Agro Industries in Himayath Nagar, Ragula Venkatesam had sought a business loan on a fake company from Narayanaguda branch of the bank. Initially, he registered a fake company in the name of Indo Farm Equipment Limited, which manufactures tractors and sought Rs1 crore business loan from the bank. Instead of the company account, he later transferred the amount to his personal account. He then withdrew the amount.

The police have registered a case based on a complaint by Chief Manager of Vijaya Bank A. Venkat Rao. It was found during an inquiry that the accused took the loan for his company on the fake company. Later, the city police learnt that Venkatesam also obtained Rs60 lakh from Vijaya Bank in Gachibowli. Also, he created many fake companies to cheat banks.

SUPRAJA