Three arrested for ₹2.5 crore loan fraud in Eluru

Eluru police arrested three fraudsters who allegedly borrowed ₹2.5 crore loan by submitting false ID cards and other documents from AU Small Finance Bank Limited. Following a complaint lodged by the bank zonal manager (Finance) Tumma Srinivas Reddy, the Eluru town police registered a case and took up investigation, said Superintendent of Police (SP) K. Pratap Shiva Kishore.

Addressing the media here on Monday, the SP said that the police team led by Deputy Superintendent of Police (DSP) D. Sravan Kumar arrested V. Phani Kumar, former credit officer of AU Small Finance Bank Limited, Eluru branch, loan brokers M. Seetaramaiah and P. Jaya Krishna, all natives of Eluru district.

The accused submitted false Aadhaar, PAN, and fake property documents at the bank to obtain the loan, the SP said. The DSP added that the other accused in the case are likely to be arrested soon. Eluru Two town Circle Inspector (CI) K. Ashok Kumar and other officers also were present at the press conference.

Two held for stealing tractor

In a separate case, Eluru One town CI G. Satyanarayana arrested two persons, Y. Harinath and M. Ravindranath Reddy, both natives of Palnadu district, for allegedly stealing a tractor parked in front of a house in Lingarao Gudem village in Eluru mandal on August 19. Police arrested the accused and recovered the tractor in the bushes near Vatluru road, said Mr. Pratap Shiva Kishore on Monday.