Hyderabad, May 22 : Following a complaint from the IDBI Bank, Basheerbagh branch, a case was registered against Marella Lakshma Reddy and others, who obtained a loan of Rs 2.80 crore from the bank by mortgaging the property of Marella Lakshma Reddy and defaulted. During the course of auction, it was revealed that Marella Lakshma Reddy had taken loan from the Bank of Maharashtra, Sultan Bazar branch, Hyderabad by creating the same fake document pledged before the complainant’s bank.
Based on the evidence collected, CCS sleuths arrested Marella Lakshma Reddy and seized the documents connected to the case and produced before the court for judicial remand. Police said accused Marella Lakshma Reddy and his son Marella Srinivasa Reddy are masters in fabricating property documents and mortgaged the same as collateral security by targeting the needy customers on huge commission basis. Marella Lakshma Reddy was also involved in some other cheating cases.
The case was investigated by G. Venkateshwarlu, Asst. Commissioner of Police, under the supervision of G. Jogaiah, Addl. DCP, EOW, CCS, DD, Hyderabad. (NSS)