Two held by CBI for cheating a bank of more than Rs 10 crore

Two people were arrested from here by the CBI's (Economic Offences Wing) Chennai branch, for allegedly cheating a private bank to the tune of more than Rs 10 crore by submitting "forged" a valuation card of land, CBI officials said here today.
Accused K Sivaramakrishna, proprietor of a construction company and his associate N Mohan Reddy (both belonging to Andhra Pradesh) allegedly cheated the IDBI Bank's Chapel Road branch here, after availing a loan of Rs 10.19 crore during 2010-11 and failed to return the amount, the police said, adding that after a complaint by the bank, a case was registered by the CBI's Economic Offences Wing in August 2013.

During the investigation, they were arrested on February 27 and produced before a local court which sent them to judicial custody, CBI officials said here today.
"They cheated the bank by submitting fake valuation card of a land area, with the seal and signature of the Maheshwaram sub-registrar's office. The fake valuation card with exaggerated land value was submitted as collateral for availing of the loan, after which they diverted the funds," a CBI official said.