Man Cheats APSFC Out Of Lakhs Of Rupees, Arrested

Cops of the CCS, Hyderabad police, nabbed one Yelubolu Sandeep who had allegedly cheated the Andhra Pradesh State Finance Corporation (APSFC) by obtaining a business loan of Rs 80.70 lakhs by falsely claiming that he would establish a food processing business.

The cops were acting on a complaint received from B Krishnaiah, Asst General Manager, APSFC, who stated that Sandeep and others had obtained a business loan of Rs 80.70 lakh from the APSFC stating that they would start a food processing business dealing in products including chakki aata, besan powder, turmeric and idli powder.

However, they cheated the corporation by not starting any business, and by intentionally issuing cheques without having sufficient balance in their accounts to pay the corporation back.

Upon receipt of the complaint, the CCS team swung into action and arrested the prime accused Sandeep.

During interrogation, Sandeep confessed to having committed the crime along with the other accused in order to earn easy money and enjoy a lavish life, and that he along with the others had hatched the plan in 2014.

The case was investigated by Sub-Inspector G Jagannadh under the supervision of T M N Babji, ACP WCO Team-VII, CCS, Hyderabad, and G Jogaiah, Additional DCP, EOW, Detective Department, Hyderabad.