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Sat, Aug 19, 2017 | Last Updated 12:59 pm IST

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Businessman turned producer arrested for cheating Banks

Businessman turned producer arrested for cheating Banks
Businessman turned producer arrested for cheating Banks
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Hyderabad sources have stated that the police had arrested a businessman turned film producer, who stood as a guarantor by mortgaging an already mortgaged property to obtain an Rs 2 crore cash loan from the Himayat Nagar branch of the Bank of Baroda. The loanee too has been arrested. Sources have stated that SK Basheed, along with another accused Vimal Goel, proprietor of GM Jewelers, had cheated the bank by obtaining loans'.

Meanwhile based on a complaint lodged by Nageshwar Rao, Manager of the Bank of Baroda, the police took both Basheed and Goel into custody. According to Rao's complaint, Goel had registered a proprietorship firm in the name of GM Jewellers and obtained the Rs 2 crore loan. He had mortgaged a property situated at Road No 7, Banjara Hills with Basheed as guarantor.

Businessman turned producer arrested for cheating Banks

Moreover on an inquiry by the bank, it was revealed that Shaik Basheed had already obtained a loan from another bank by mortgaging the same property for the same company. According to sources Goel, Basheed and their relatives had registered many jewellery firms and had defrauded many banks to a tune of Rs 11 crore.

Businessman turned producer arrested for cheating Banks
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