The city police on Thursday arrested MM Foundations and Constructions Private Limited managing director Mallikanti Malyadri and his wife Suhasini (director of the firm) for allegedly obtaining loans to the tune of Rs. 83.75 lakh from Bank of India, Suryabagh branch here, by producing forged land documents. The police investigation has revealed that Malyadri and his wife were the defaulters of various banks in the city to the tune of Rs. 21.75 crore.
Earlier, Malyadri was arrested in a land grabbing case in 2015 by the PM Palem Police.
It may be recalled that Malyadri joined BJP in September 14, 2016.
According to DCP (law and order, zone-I) Naveen Gulati, the 42-year-old Malyadri is also the managing partner of MM Constructions for which his wife Suhasini is a partner.
The DCP told the media here on Thursday that the couple had forged documents related to a vacant land measuring 607 sq yards at Madhurawada in the city and applied for a loan of Rs. 50 lakh from Bank of India, Suryabagh branch, for constructing an apartment complex and it was sanctioned in September 2013.
The couple obtained another loan of Rs. 33.75 lakh from the same bank for purchasing four vehicles (Mahindra Scorpio) in 2014.
Fake title deeds
In both cases, Malyadri had produced fake title deeds in Bank of India, The DCP said and added that Malyadri had produced fake copies of Registration Certificates of the four vehicles mentioning the charge of hypothecation in favour of Bank of India. On verification of records by the bank, it was revealed that the hypothecation charge was registered in favour of Sagar Financiers.
The police said that during the subsistence of mortgage charge of Bank of India, Malyadri had sold the mortgaged property to MM Foundations and Constructions Private Limited for which Malyadri is the managing director and his wife is a director and they also availed Rs. 5 crore from Central Bank of India by mortgaging the same property. Based on a complaint from Bank of India, the Maharanipeta police investigated the case and arrested Malyadri and his wife. The police said that Malyadri was a rowdy sheeter and was involved in land grabbing and cheating cases under the PM Palem Police Station in the city and all the cases were pending trial.
Naveen Gulati said that Malyadri was a wilful defaulter in the city but he was able to obtain loans to the tune of over Rs. 21.75 crore from various banks in the city. Recently, the banks declared that Malyadri and Suhasini were defaulters and the banks filed civil suits in courts.
“The bankers sanctioned the loans to Malyadri without proper verification of the documents. We are investigating the case in various angles, including the role of bank officials, and are yet to recover any documents and cash from Malyadri,” the DCP said.
