Hyderabad: One Arrested for Rs 1.3 Crore Bank Fraud

 Hyderabad: The economic offences wing (EOW) of Cyberabad arrested Mohammed Faiz Ahmed, director of AFS Constructions, for his alleged involvement in a bank fraud case.

Ahmed wass accused of obtaining a working capital loan of Rs 1.3 crore from Canara Bank, Balanagar, by submitting forged documents. He subsequently defaulted on repayment.

Two other individuals have also been implicated in the case, including Mohammed Chand Pasha, who is absconding, and G. Srinivasa Babu, former chief manager of the bank, who was arrested on February 20.

According to the complaint filed by the bank’s assistant general manager, the accused colluded to avail the loan by submitting fraudulent documents related to pipeline laying, installation of house connections in Khammam municipality and augmentation of water supply to Khammam municipality under Mission Bhagiratha.

Faiz Ahmed has been produced before the court for judicial remand, said EOW ACP Hussaini Naidu.