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.
Key organiser G. Ranga Rao, an accused in 2005 and 2012 in similar cases, rectifies such deviations to make the applications fit. He gets rubber stamps as per the requirement from one Manik Prabhu. While one Sudhakar is a loan consultant, Naga Malleswar Rao and Seeta Rama Raju loan agents, Chandra Sekhar fabricates building plans and layouts. Each of them has a fixed rate, a fake rubber stamp costs ₹1000, a fake layout ₹2000 and each document up to ₹10,000.
The loan application thus submitted to the bank afresh is followed up by agents and consultants with bankers, panel advocates and evaluators for final approval. Each successful loan earns a commission of about 4%.
Mr. Raveendra said the role of other agents, bankers, advocate panels and valuators, in the larger organised racket, is yet to be verified.
A similar case was recorded in Kukatpally, where customers approached agents for business loans.
In both the cases, the police have seized a total of 687 fake rubber stamps, 1, 180 fake certificates and documents, stamp making machine, and other systems.
