Bengaluru bizwoman booked by Hyderabad police for defrauding bank of Rs 1.7 crore

Hyderabad: The Central Crime Station (CCS) police have registered a cheating case against a Bengaluru-based businesswoman for allegedly duping the Central Bank of India. She is accused of obtaining loans totalling nearly 1.7 crore using forged documents relating to a property in Hyderabad, following a complaint by a bank representative.According to the complainant, K Partha Sarathi Naidu, the accused, Manikyavalli, proprietrix of M/s Sai M Flora in Bengaluru, first approached the bank's Indiranagar branch in Bengaluru in 2009. "She presented herself as a bona fide businesswoman in the horticulture industry, specifically engaged in the cultivation of cut flowers, and assured the bank of her intention to repay any loans extended to her," the complainant alleged.In the same year, the accused applied for a term loan from the bank to establish a greenhouse for the cultivation of cut flowers at a project site in Bettamugalam village, Krishnagiri district, Karnataka. Relying on her submissions, the bank sanctioned a term loan of 99.49 lakh, with the project site in Krishnagiri as the primary security and a property in Bengaluru as collateral.Subsequently, in 2011, the branch extended a cash credit limit of 42 lakh and a second term loan of 1.68 crore, with a flat in Srinagar Colony, Hyderabad, offered as collateral in addition to the earlier securities. In 2012, the accused requested the bank to substitute one of the collateral assets, the flat in Sri Nagar Colony, with a plot at Teegalguda in Hyderabad, and submitted what the bank believed to be the original title deed of the property.During the 2022–23 statutory audit, the bank's examiners discovered that the title deed submitted was only a colour photocopy. "An internal investigation revealed that the accused had deliberately submitted a photocopy of the title deed to deceive the bank. By doing so, she induced the bank to disburse substantial loan amounts under false pretences, thereby defrauding the bank and causing significant financial losses. The accused has defaulted on repayments despite repeated notices and continues to evade contact," the complainant alleged.The bank approached a local court in Nov 2024 with a complaint against the accused. Based on recent directions from the XII Additional Chief Metropolitan Magistrate, Nampally, the police on April 16 registered a case against her under Sections 420 (cheating), 467 (forgery of valuable security, will, etc.), 468 (forgery for the purpose of cheating), and 471 (using as genuine a forged document) of the Indian penal code.MSID:: 130469359 413 |
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