Hyderabad (Telangana) [India], Feb 9 (ANI): A six-member gang allegedly involved in cheating banks by availing loans on the basis of fake documents was busted by police here on Saturday.VC Sajjanar, Commissioner of Police, Cyberabad said, "The Cyber Crime Police Station, Cyberabad arrested a gang of six members - Nimmagadda Phani Chowdary, Mandava Swaroop Nath Chowdary, Pedavalli Srinivasa Rao, Kandru Harish, Narne Venu Gopal and Ikkruthi Veera Shekhar Rao - for availing various types of loans from different banks and financial institutions in the name of IT professionals who died in accidents. They did so by submitting fake IDs, documents and also taking advantage of the loopholes prevailing in the banking and telecom service system." Police have seized one four-wheeler vehicle, 100 fake id proofs, 6 mobile phones, 20 SIM cards, card printer to prepare fake Ids from the possession of the accused.According to police, on January 2 a complaint was received from the Senior Manager, HDFC Bank, Hyderabad about the misuse of HDFC Credit Card to the tune of Rs 2,76,000 held in the name of the deceased Palaparthi Raghuram of Infosys by some unknown persons by impersonation.Basing on the complaint, the police registered a case at Cyber Crime Police Station and took up the investigation.Investigation revealed that the prime accused N Phani Chowdhary who is the mastermind associated with the other accused to hatch a conspiracy to avail loans in the names of the dead people by impersonating them in banks and in mobile stores by using fabricated IDs and other documents.In total, the accused have misappropriated an amount of Rs 53,95,043 by impersonating the dead IT professionals and availed instant loans/consumer durable loans/got credit cards in their names from six different banks (HDFC, ICICI, SBI, RBL, Kotak Mahindra Bank & Bajaj Finserve). (ANI)

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