Hyderabad: Jewellery shop owners booked for defrauding bank of Rs 75 cr
Update: 2019-07-21 12:15 IST
A city-based jewellery shop owners booked for defrauding Indian Overseas Bank to the tune of Rs 75 crore.
Mohan Lal Gupta and Prashanth Gupta, directors of Musaddilal Jewellers obtained the loan of Rs 75 crore from the bank and failed to repay the amount.
The police registered the case against them under sections 120-B (criminal conspiracy), 406 (criminal breach of trust), 420 (cheating), 468 (forgery for the purpose of cheating) and 471 (using a forged document as genuine) of the IPC.
The police handed over the papers to bank securities and fraud cell (BSFC) for further inquiry.