Hyderabad: A 46-year-old realtor, involved in as many as 18 cases of cheating, creating fake and forged documents to get loans from banks, has been booked under the Preventive Detention Act. The accused is involved in cases under Rachakonda, Hyderabad commissionerates, and Guntur. A case is also booked against him by the CBI.
Marella Srinivas Reddy, 46, of Mothinagar in Erragadda, was arrested by the Abdullapurmet police on September 18, in connection with a case of attempting to cheat the government by creating fake documents to procure a loan from a bank.
Rachakonda police commissioner Mahesh Bhagwat said that Srinivas, who worked for several corporate hotels, entered into real-estate business.
In order to earn easy money, he formed a syndicate with the help of some friends and did registrations of lands by creating fake documents on his associates’ names to impersonate as the original landowners.
Srinivas arranged bank loans on the lands and took a commission on the sanctioned loan amount.
So far, he was booked in 18 cases of cheating and a case was also booked against him by the CBI.