Eluru police have arrested three individuals involved in a major loan fraud case worth Rs2.5 crore at the AU Small Finance Bank Limited. The accused allegedly secured the loan by submitting fake ID cards and forged documents.
Following a complaint filed by Tumma Srinivas Reddy, the bank’s zonal finance manager, the Eluru town police registered a case and launched an investigation, said Superintendent of Police K. Pratap Shiva Kishore.
The police team, led by Deputy Superintendent of Police D. Sravan Kumar, arrested V. Phani Kumar, a former credit officer at the Eluru branch of AU Small Finance Bank, along with loan brokers M. Seetaramaiah and P. Jaya Krishna. All three are natives of Eluru district.
Authorities continue probing the case to identify any additional suspects or accomplices involved in the scam.
