Converting loan applications rejected by banks on grounds of deviations and irregularities into eligible ones, by supplementing them with fake documentation has been the modus operandi of two organised gangs here.
By using fake rubber stamps, certificates and documents of the Greater Hyderabad Municipal Corporation (GHMC), Hyderabad Metropolitan Development Authority (HMDA) and the Revenue Department were created by the gang members — a set of loan agents, consultants, rubber stamp makers, and fabricator of building plan and layouts — they carried out transactions worth over ₹10 crore.
Cyberabad Police Commissioner M. Stephen Raveendra disclosing the organised racket and explaining the business craft to media persons on Tuesday, said the Balanagar special operation team along with Kukatpally and KPHB police, in the two separate cases arrested 18 persons.
