Hyderabad Police Register Cheating Case Against Bengaluru Businesswoman in Rs 1.7 Crore Loan Fraud
The Central Crime Station (CCS) police in Hyderabad have registered a cheating case against Manikyavalli, a Bengaluru-based businesswoman, for allegedly defrauding the Central Bank of India of nearly Rs 1.7 crore. The case was filed following a complaint by bank representative K Partha Sarathi Naidu, who accused Manikyavalli of obtaining loans using forged documents related to a property in Hyderabad.
According to the complaint, Manikyavalli, proprietrix of M/s Sai M Flora in Bengaluru, first approached the bank's Indiranagar branch in Bengaluru in 2009. She presented herself as a legitimate businesswoman in the horticulture industry, specifically engaged in cut flower cultivation, and assured the bank of her intention to repay any loans extended to her. Relying on her representations, the bank sanctioned a term loan of Rs 99.49 lakh in the same year for establishing a greenhouse at a project site in Bettamugalam village, Krishnagiri district, Karnataka. The primary security for this loan was the project site itself, with a property in Bengaluru offered as collateral.
In 2011, the branch extended additional credit facilities: a cash credit limit of Rs 42 lakh and a second term loan of Rs 1.68 crore. For these, a flat in Srinagar Colony, Hyderabad, was offered as collateral, in addition to the earlier securities. In 2012, the accused requested the bank to substitute the Srinagar Colony flat with a plot in Teegalguda, Hyderabad, and submitted what the bank believed to be the original title deed of that property.
During the statutory audit for 2022-23, bank examiners discovered that the submitted title deed was only a colour photocopy. An internal investigation revealed that Manikyavalli had deliberately submitted a photocopy to deceive the bank. By doing so, she induced the bank to disburse substantial loan amounts under false pretences, causing significant financial losses. The accused has defaulted on repayments despite repeated notices and continues to evade contact, the complainant alleged.
The bank approached a local court in November 2024 with a complaint. Based on directions from the XII Additional Chief Metropolitan Magistrate, Nampally, police on April 16 registered a case against her under Sections 420 (cheating), 467 (forgery of valuable security), 468 (forgery for the purpose of cheating), and 471 (using a forged document as genuine) of the Indian Penal Code.
