Police suspect cheats operated in nexus with bank officials City police have nabbed two conmen who allegedly cheated nationalised banks to the tune of Rs 5.5 crore after availing loans on the basis of fake property documents. They suspect a nexus between the conmen and officials of the targeted banksu00a0-- Syndicate Bank, Union Bank, State Bank of Patiala and State Bank of Hyderabad. All the targets were nationalised banks. Rules for sanctioning loans are generally stricter for nationalised banks. According to their standard procedure, they should get all documents checked by a notary, a process that takes almost a month. But the accused were sanctioned loans within a week. Fake papers for loans According to police officials, one of the accused, Shankar, was a former garment factory owner who allegedly hit upon the idea of this scam when he went bankrupt. He then allegedly enlisted his friend Shridhar who operated a rubber stamp manufacturing unit. Shridhar allegedly forged the property documents of one Jayalakshamma's house located at BCC layout, Myco Extension. The duo then allegedly produced it before the banks, and requested a loan under the pretext of rebuilding the complex. Shridhar allegedly also forged the banks' seals and signatures of bank officials and cheated the banks of more than Rs 5.5 crore.u00a0 The police have recovered duplicate rubber stamps, documents, and computer accessories. A B Rajendrakumar, inspector, Chandra Layout police station said, "We are investigating this case. There is a possibility that bank officials were involved, but we are yet to ascertain their role."

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Police suspect cheats operated in nexus with bank officials

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