2 weeks ago
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The Crime Investigation Department (CID) of Telangana nabbed a couple absconding for 11 years in a cheating case wherein they defrauded a bank by defaulting a loan of ₹27 crore. It was revealed during their probe that the couple, who represent Adarsh Communications Pvt Ltd., were also involved in five cases in the city for duping finance companies and private investors to the tune of ₹60 crore.
Officials said that Manikonda Anjaneyulu, was the MD of Adarsh Communications Pvt Ltd while his wife, Manikonda Reeta, was the director.
“Their company was dealing with import of varieties of communication equipment and sale of multi-brand cellular phones and other products. In 2013, they approached SBI Balanagar branch for financial assistance to meet their working capital and obtained a loan of ₹27 crore,” explained the officials.
However, after availing the loan, the couple became defaulters and absconded. On a complaint given by bank officials, a case was registered under Sections 420, 406, 403 of the IPC by the Balanagar police and subsequently transferred to the CID.
The couple were arrested from their residence in Bengaluru by the Economics Offences Wing (EOW) of the CID.
