Agro Firm Owner Dupes Bank Of Rs1 Crore

Hyderabad: An agro firm director was arrested on Monday for defrauding Vijaya Bank of Rs1 crore in the city.

According to the police, Ragula Venkatesam, owner of Tirumala Agro Industries in Himayath Nagar had sought a business loan on a fake company from Narayanaguda branch of the bank. Initially, he registered a fake company in the name of Indo Farm Equipment Limited, which manufactures tractors and sought Rs1 crore business loan from the bank. He later transferred the amount to his personal account instead of the company account. He then withdrew the amount.

Based on a complaint by chief manager of Vijaya Bank A. Venkat Rao, police registered a case and during an inquiry it was found that the accused took the loan for his company on the fake company. The city police later learnt that Venkatesam also obtained Rs60 lakh from Vijaya Bank in Gachibowli. He created many fake companies to cheat banks.