Hyderabad Kalaniketan textiles MD arrested

Hyderabad: Police have arrested V. Leela Kumar, managing director of city-based Kalaniketan Textiles and Jewels Pvt. Ltd, a resident of Shaikpet, and five others for cheating a man they induced into providing collateral for a huge loan and later defaulting on repayments. 

Cyber Crime Police said they had received a complaint in February 2016 from Juturi Venkateshwara Ravi Prasad, who said that Kumar and V. Laxmi Sarada of Kalaniketan had induced him into providing collateral security for loans totalling Rs 98 crore to expand their business. He had done so by mortgaging his properties in Kurnool worth Rs 35 crore as collateral security with Cosmos Bank in Hyderabad in exchange for which he was to be made a director of the company and given a share of its profits. 

Kumar availed a loan of Rs 60 crore and put up 21 new showrooms at different places. He shifted the stocks there and sold out the business to his brothers V. Rajendra Kumar, V. Nagabhushanam alias Chanti, and V. Anand Kumar without the knowledge of the complainant, causing him to lose the properties under collateral, Cyber Crime Station DCP Avinash Mohanty said.