Vijayawada: The cyber crime police have arrested a man for allegedly masterminding a massive bank loan fraud worth ₹5.28 crore. The accused, Neelam Pawan Kumar (45) of Guduru village in Krishna district, was taken into custody for duping multiple bank branches in the city by creating fake accounts and forging financial documents.
Police seized 34 property documents worth nearly ₹7 crore, a car, a motorcycle, 122 grams of gold, 927 grams of silver, nine ATM cards, and ₹11,500 in cash from him. According to police, he carried out the fraud by exploiting his computer skills to create fake salary slips, forged ID cards, and fabricated employment records to appear eligible for high-value loans and credit cards.
Modus Operandi
Investigators said that since 2019, he opened 26 fake or 'mule' savings accounts in different Axis Bank branches in Vijayawada. Using these accounts, he allegedly availed loans through credit card-linked facilities and defaulted on repayments before going into hiding.
Police detailed that he secured about ₹1.76 crore through nine fake accounts at the Gunadala branch, ₹1.32 crore through 10 fake accounts at the Eluru Road branch, and ₹2.20 crore through seven fake accounts at the bank's main branch — taking the total fraud to around ₹5.28 crore.
Motive and Background
Investigators added that Pawan Kumar, allegedly addicted to a lavish lifestyle, turned to financial fraud after his income fell short of sustaining his extravagant spending. The money was reportedly spent on luxury items and property purchases.
City police termed the case challenging and formed special teams to trace the accused. Using technical evidence and intelligence inputs, they nabbed him. In the past, police said, several cases had been registered against him in Guduru, Machilipatnam Town, Bhavanipuram, and Krishnalanka police stations.
Officials appreciated the special teams for cracking the high-value cyber fraud case.
