santosh: MD infrastructure company detained for bank fraud of Rs 53 crore in Hyderabad | Hyderabad News

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HYDERABAD: Detectives from Cyberabad’s Economic Crimes Wing (EOW) arrested K Santosh Reddy (36), managing director of an infrastructure company, on Friday for allegedly cheating on the Union Bank of India for Rs 53 crore by resorting to the forgery of bank guarantees.
Police said Santosh, managing director of Kompass Infrastructures Private Ltd, tricked the bank into exceeding its credit limit using bogus bank guarantees. Two cases have been filed against the company and its four directors, including Santosh, in Cyberabad. “Santosh and his associates deceived the bank to the tune of Rs 53 crore,” Cyberabad police said. Police arrested Santosh, who was on the run, from a house in Jubilee Hills.
On July 8, S Prakash Babu, AGA of Union Bank of India, lodged a complaint with the Madhapur police, saying that the directors of Kompass Infrastructures – Santosh, N Srinivas, K Gopal and S Surender Reddy – had obtained bank guarantees from UBI’s branch in Kondapur for 53 crore through 39 transactions in favor of various beneficiaries such as Hella Infra Market Ltd, HPCL and Infinity Projects.
According to the police, the accused’s company is undertaking civil engineering work. In order to obtain materials from various suppliers, the defendants took bank guarantees from UBI. “On the basis of bank guarantees, eight companies supplied material to Santosh. To obtain bank guarantees from the bank, Santosh kept the properties of one of the administrators as collateral. He was eligible for a bank guarantee for Rs 15 crore according to standards, ”police said.
“After reaching the limit of 15 crore, the accused must either close the old bank guarantee or renew it to obtain a new bank guarantee in his place. In order to get material from different companies beyond the sanction limit prescribed by the bank, Santosh forged bank guarantees and submitted them to the companies as if they were issued by the bank. He also returned the original bank guarantees to the banks with the forged letters from the company as if they had been returned by the companies for new bank guarantees, ”police said.
During the verification by the agents of the bank, a fraud was discovered. Srinivas received a notice under Article 41 (A) of the CrPC on Santosh’s confession. Two accused flee.


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