Private Bank CEO Booked for Misusing a Loanee’s Documents

 Hyderabad: Kushaiguda police registered a case against the CEO of a private bank and two of his associates on charges of cheating a loan applicant by using the latter’s surety documents to procure a loan for his personal benefits.

According to Kushaiguda police, the victim, 57-year-old private company employee Tazuddin, had an account with New Bharat Co-op Urban Bank since 2000. When he applied for a Rs 5 lakh loan in 2003, bank CEO Pandu Ranga Rao asked him to furnish collateral surety.

Tazuddin submitted his land documents pertaining to plots in Kapra and Dammaiguda. After Tazuddin cleared the loan and asked for his documents back, the CEO, who operated a real estate firm named Vastu Mitra, made Tazuddin a partner.

The complainant alleged that Rao had forged his signatures and used the same documents to procure a loan of Rs 30 lakh.

“He later asked me to pay Rs 55 lakh for a land parcel and I took a loan from his bank. I learnt that the land was registered in the name of his daughter-in-law. Unable to bear his threats to repay the loan, I took a loan in another private bank and cleared the debt. However, Rao has so far not returned the documents,” he stated.

Kushaiguda police registered a case against Ranga Rao and his associates Subramaniam and Chakranathy under cheating, criminal breach of trust and forgery.