HYDERABAD: The Central Crime Station police on Friday arrested two persons managing director of a private firm and his close aide involved in duping people in the guise of issuing dealerships of a mobile company.Police recovered costly cars like Honda City, Volvo and Ford Endeavour worth more than Rs1 crore and various rubber stamps, credit cards, cheque books.CCS police arrested Karvendula Vijaya Kumar Chanakya, MD of e-Store India Pvt Ltd and his associate Murthy Addala, who duped several nationalised banks, car showrooms and land owners to the tune of Rs15 crore.When the city police were on the look out for Chanakya who is involved in several cheating and fraud cases, he shifted base to Bengaluru a few months ago and hatched a plot to cheat the Research in Motion (makers of BlackBerry phones) of Rs15 crore to secure south India dealership to sell Blackberry phones and its accessories.J Satyanarayana, deputy commissioner of police (Crime) said KVK Chanakya, a computer science engineer started his career as systems administrator in the erstwhile Satyam Computers. His salary in Satyam Computers did not match his dreams. As a result, he quit the job and started his own firm Digital Systems with an investment of Rs16 lakh.“His spree of cheating cases started with securing a loan of `8 crore from IndusInd Bank by pledging his house in Jubilee Hills on pretext of developing his firm’s business. But he misappropriated the loan amount by investing the money in real estate and suffered huge losses.To cover up the loss, he lured one Srinivas Reddy to buy 8.33 acres of land in Nagaram village of Rangareddy district and collected Rs 1.25 crore from him,” he added. To maintain a high-profile lifestyle, he resided in a posh house in MLA Colony of Banjara Hills and moved in cars like Audi and Mercedes to impress people and developed relations with top bank officials in the process.During the period, he purchased a Volvo S80 and Mercedes Benz car with loan amount of `92 lakh from SBI, Masab Tank branch.Without informing the bank, he hypothecated one car to a private firm and sold the second to another person using fake documents and pocketed Rs 75 lakh.In December 2010, he obtained loan of Rs 32 lakh from State Bank of Travancore, Koti to purchase two cars from Mody Ford, Begumpet.He personally collected demand drafts, tore off the bank’s covering letters and replaced them with his company’s letter.Initially, he presented the DDs in the showroom and later got them en-cashed stating he had decided not to buy the cars. He duped Punjab National Bank and Vijaya Bank of Rs 42 lakh and Rs 76 lakh in similar fashion.
Comments
0 comment