Realtor Reddy dupes PNB bank for Rs 2.90cr in Hyderabad, arrested!

The Hyderabad city police on Saturday, June 20, 2020, arrested a realtor for duping Punjab National Bank to the tune of Rs 2.90 crore.

The 56-year old realtor Yennam Venkata Siva Reddy, is a resident of Vanasthalipuram.

According to police, Reddy purchased a land of 10,540 Sq. yards in Lingojiguda, Saroor Nagar Mandal from Raja Giridhar Kumar and 3 others 2005. After purchasing the land, the accused and his three associates, manipulated the survey number of the land and mortgaged it in the PNB Bank of Nanal Nagar branch on the name of M/s Eigerburg Pvt. Ltd. and obtained the loan with an intention of duping the bank. 

The accused persons defaulted on the loan repayment later and the firm was declared as NPA by the bank and a case was registered by the bank officials. 

Based on the complaint, the officials of DD investigated the case and arrested the accused under section 420, 465, 467, 468, 471, 120(b) r/w 34 of IPC.