Two persons accused of submitting fake bank invoices, and inflating costs of machinery to avail funds sanctioned under the Prime Ministers Employment Generation Programme (PMGEP) were apprehended, police said on Thursday.
The Central Crime Station police identified the accused as Mudavath Srinivas (37), and Palathya Ravi (25). Both are residents of Khaja Bagh in Saidabad.
Police said that on June 1, the Chief Regional Manager of Indian Overseas Bank approached them with a complaint in which he stated that the accused and several others availed loans from the bank’s Pathergatti branch, approximately ₹1.4 crore, under the PMGEP scheme to start a unit which manufactures bricks.
“In due process of obtaining the loan, the accused have submitted fake invoices/quotations of non-existent suppliers, cost of machinery was exaggerated, and they had shown fake units and also rental/lease agreements were fabricated. During the course of investigation, it is established that with an intention to get high loan amount, accused Mudavath Srinivas created fake quotations in the names of M/s Jai Sai Ram Enterprises, and M/s Sri Nagu Saadh Enterprises, and supplied to Palathya Ravi and seven others by mentioning huge, excessive amounts,” police said.
The other accused also allegedly submitted fake or invoices showing inflated costs, thus becoming beneficiaries of the scheme. The accused were produced before a local court.
