Hyderabad: Immersion hinders probe into loan defaulter case

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K Vijay Suryateja, who defaulted on a Rs 72-lakh loan

Hyderabad: Elaborate security arrangements with deployment of a large chunk of police personnel for Ganesh immersion seems to have given reprieve to the alleged loan defaulter K Vijay Suryateja, who disappeared with a Land Rover and defaulted on a loan of Rs 72.20 lakh.

With the investigators already saddled with immersion duties, the search that was launched three days ago, soon after the Jubilee Hills police received a complaint from Indian Overseas Bank (IOB) officials, is now apparently on hold.

“At this juncture, it is highly impossible to assign a dedicated team for the assignment since a majority of the force will be on bandobust duty and this applies to all the personnel including the team as well,” said a senior official, hinting that this situation would continue for next couple of days.

As many as five teams, including one each from Task Force and the Central Crime Station, were deployed to search for Suryateja. The son of a former IAS officer, Suryateja had availed Rs 72.20 lakh as loan and purchased Land Rover Discovery Sports Luxury car.

As per the preliminary investigation, police found that the suspect had approached a government bank in Jubilee Hills for a housing loan of
Rs 1.5 crore some months ago.

“He approached the bank by introducing himself as a close relative of one Union Minister. However, the bank authorities got suspicion and rejected the loan proposal,” a source said, adding that in a similar way, he approached three more nationalised banks but failed to secure a loan.

The source also said the loan amount approved by the IOB was released within a span of two days, which otherwise usually takes at least a week if all procedures were followed.

“We are suspecting the involvement of the staff members. Soon, after the Ganesh immersion, the bank authorities will be consulted and staff would be taken into custody for interrogated,” sources said.