Hyderabad: In yet another crackdown, a gang of four members were arrested on Sunday by the Rachakonda police for cheating several youths on promise of providing jobs. The accused also duped financial institutions by obtaining debit and credit cards by submitting forged documents.

The accused - Chandrashekar Reddy(30), Yadagani Balaji(26), Nakkinti Subash Kuma(24) and Kagitala Habeeb alias Shaik Kakital Habeeb(32) colluded and floated fake companies to cheat job seekers and financial institutions.

Explaining their modus operandi Rachakonda Commissioner Mahesh M. Bhagwat said, “They used to open salary accounts and genuinely pass credits showing as if salaries were drawn from the companies - Xevax Pharma Private Limited, Stannum IT Solutions Private Limited, and Haptic Technologies Private Limited. They also stage-managed relevant salary records when the bank field officers visited their offices for verification. This way they obtained loans and credit cards from reputed banks such as HDFC, IndusInd, Kotak, Ratnakar Bank Limited and finance companies such as Capital First and Bajaj Finance to the extent of Rs.50 lakh.”

They used to open salary accounts and genuinely pass credits showing as if salaries were drawn from the companies - Xevax Pharma Private Limited, Stannum IT Solutions Private Limited, and Haptic Technologies Private Limited
Rachakonda Commissioner Mahesh M. Bhagwat

Nearly 200 youths were also cheated on the pretext of jobs in software companies. Over 50 debit and credit cards with fake identities, PAN cards, voter ID cards, two laptops, six mobile phones and few cheque books, and Rs5 lakh have been seized from their possession.