Hyderabad: The city police have cracked a major fraud with usage of credit cards that was going on in the city for over five years and have arrested 10 persons in this connection. It is learnt that a fraud to the tune of Rs 1.5 crores has been done on four banks through the credit cards.

According to the police commissioner VV Srinivasa Rao, the North Zone Task Force has held Ranga Reddy who is the kingpin of their entire fraud. It is said that Ranga Reddy floated a fictitious company with fake employees and procured credit cards in their names to get money out of the credit cards. The police have recovered Rs 6.9 lakhs and 125 credit cards from him.

The police said that Ranga Reddy is a native of Devarakonda. He has been running a computer hardware shop in city, then he slowly started a computer data processing company called Parnika Nano Systems Private Limited. The company has been registered in 2013.

His accomplices T Vinay Kumar Reddy; M Santosh Reddy; two GHMC contract employees V Srikanth and M Naresh; G Kishore Babu; and G Sailesh Kumar along with HDFC bank employees; and R Sandeep and U Anand, SBI employees have also been arrested.

It is said that Ranga Reddy with the help of Santosh Reddy have developed fake employee database with addresses and birth certificates. Later with the help two GHMC employees, they procured 48 voter ID cards and using that they could secure PAN cards for 48 fake employees. With these documents they got 48 credit cards.

From October 2013 till February 2015 they have swindled Rs 45.7 lakhs from HDFC; this was followed by Rs 25.2 lakhs from SBI; Rs 90 lakhs from Standard Chartered Bank and Ratnakar Bank. The fraud came to light during the banks auditing.