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Top realtor likely to be held today
The city police prepared a dossier to arrest real-estate-agent turned BJP activist for cheating banks to the tune of Rs 25 crore.
Visakhapatnam: The city police prepared a dossier to arrest real-estate-agent turned BJP activist for cheating banks to the tune of Rs 25 crore. The police sources said records has been prepared to nab Managing Director of MM Foundation and Constructions Mallikanti Malyadri, who has recently joined BJP in the presence of Vizag MP K Haribabu, for defrauding a number of banks to the tune of over Rs 25 crore in the city.
A senior police officer on condition of anonymity said that Malyadri will be arrested on Thursday as some incriminating documents were found on him and a number of banks have lodged complaints at various police stations in the city.
Malyadri was arrested in 2015 for grabbing 1.3 acres of GVMC land at Kommadi area in the city with forged documents. In addition to that he constructed 40 apartments in 1,600 sq yards on the grabbed land and also forged the GVMC occupancy certificates for disbursing the apartments. He has been continuing his activities even after joining BJP.
Police said Malyadri has acquired Rs 6 crore loan from banks, which include Bank of India, Bank of Baroda by producing fraudulent certificates. He has also defrauded Central Bank of India, Punjab National Bank, State Bank of Hyderabad, Lakshmi Vilas Bank and a few others across the city and the amount could cross over Rs 25 crore.
Senior BJP leaders refused to comment on Malyadri and his activities. Personal assistant of Dr Haribabu said though Malyadri announced his joining, his membership was not ratified by the party office-bearers.
