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Hyderabad, The CCS police nabbed one Yelubolu Sandeep, who allegedly cheated the Andhra Pradesh State Finance Corporation (APSFC) by obtaining business loan of Rs 80.70 lakh falsely claiming he would establish a food processing business.
On a complaint from B. Krishnaiah, Asst General Manager, APSFC, that Yelubolu Sandeep along with other absconding accused obtained business loan of Rs 80.70 lakh from APSFC stating that they would start a food processing business i.e. Chakki Ata, Basan Powder, Turmeric, Idly Powder and so on and later cheated the APSFC by not establishing any business and swindled the loan amount and they had intentionally issued cheques without having sufficient balance in their accounts to cheat the corporation.
The CCS team plunged into action and arrested prime accused Yelubolu Sandeep and interrogated him. The accused confessed to committing crime along with other accused in order to earn easy money to enjoy luxurious life. The accused confessed that in 2014 they hatched the plan to obtain loan from APSFC by representing that they are establishing a food processing unit and obtained a business loan of Rs 80.70 lakh and swindled the loan amount without establishing any business.
The case was investigated by Sub-Inspector G. Jagnnadh under the supervision of T.M.N. Babji, ACP WCO Team-VII, CCS,Hyderabad and G. Jogaiah, Addl. DCP, EOW, Detective Department, Hyderabad.
