Monday,20 November 2017

Cheat jailed


Crime

Cheat jailed

2017-07-18 21:15:56

Cheat jailed

Hyderabad, July 18 ( The News )

This is a case of criminal breach of trust, cheating and misappropriation committed by Leela Kumar along with Laxmi Sarada and four others. Kumar was produced before the Court for judicial custody.

Juturi Venkateshwara Ravi Prasad was induced by Leela Kumar, Laxmi Sarada of Kalaniketan Textiles and Jewels Pvt Ltd, in their business by mortgaging his property for Rs 98 croe loan on February 19, 2016.

The complainant mortgaged his ancestral property worth Rs 35 crore situated in Kurnool as offered collateral security with Cosmos Bank, Hyderabad and made an agreement to pay commission of 3 percent.

Later, the accused availed Rs 60 crore loan to establish 21 new showrooms. But the accused did not run the business. He cheated Prasad. Kumar sold the stock worth Rs 68 crore to his brothers V.Rajendra kumar and V.Nagabhushanam.

The case was investigated by M Srinivasulu, ACP under the supervision of DCP, CCS, Hyderabad, according to a release.

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Cheat jailed

2017-07-18 21:15:56

Hyderabad, July 18 ( The News )

This is a case of criminal breach of trust, cheating and misappropriation committed by Leela Kumar along with Laxmi Sarada and four others. Kumar was produced before the Court for judicial custody.

Juturi Venkateshwara Ravi Prasad was induced by Leela Kumar, Laxmi Sarada of Kalaniketan Textiles and Jewels Pvt Ltd, in their business by mortgaging his property for Rs 98 croe loan on February 19, 2016.

The complainant mortgaged his ancestral property worth Rs 35 crore situated in Kurnool as offered collateral security with Cosmos Bank, Hyderabad and made an agreement to pay commission of 3 percent.

Later, the accused availed Rs 60 crore loan to establish 21 new showrooms. But the accused did not run the business. He cheated Prasad. Kumar sold the stock worth Rs 68 crore to his brothers V.Rajendra kumar and V.Nagabhushanam.

The case was investigated by M Srinivasulu, ACP under the supervision of DCP, CCS, Hyderabad, according to a release.