Tue Mar 25 19:39:49 UTC 2025: ## Chennai Police Bust ₹2.5 Crore Bank Loan Fraud Ring
**Chennai, March 26, 2025** – Chennai City Police have arrested four individuals from Andhra Pradesh and are hunting for four more in connection with a major bank loan fraud totaling over ₹2.5 crore. The suspects, posing as software engineers, submitted falsified salary documents to secure personal loans from a private bank and subsequently defaulted on repayments.
The investigation, initiated by a complaint from a bank manager, revealed that eight individuals were involved in the scheme. Two employees of loan consultancy firms, Aadifidelis Solutions and Shirdi Management Services, allegedly colluded with six daily wage earners from Chittoor (Andhra Pradesh) and Vellore (Tamil Nadu). The daily wage earners were provided with fabricated documents indicating high salaries at a non-existent IT company in Ramapuram.
The four arrested individuals, Ekambaram (27), Keshav Gangaraj (25), Krishnamoorthy (24), and Kumar (29), were apprehended in Chittoor. Police are actively searching for the remaining four suspects, including the two consultancy employees, Venkatesh and Harsha, who are believed to be the masterminds behind the operation. The suspects are accused of renting accommodation for the daily wage earners in Chennai to facilitate the fraudulent loan applications. The total amount fraudulently obtained is estimated at ₹2.47 crore.
First Piper 