Andhra Pradesh: ₹5 cr fraud accused claims he cheated another bank before, believed he would never be caught

Vijayawada: A routine investigation into a massive ₹5.28 crore Axis Bank loan fraud has now uncovered a trail of deception stretching back several years. The accused, Neelam Pawan Kumar, stunned investigators during custodial interrogation by openly admitting that he cheated another bank in a similar manner and believed he would never be caught.The accused claimed he previously defrauded HDFC Bank in a similar manner by obtaining loans through fake documents and managed to evade arrest despite a criminal case being registered against him at Bhavanipuram police station. Confident that law enforcement would never reach him, he was reportedly shocked when police finally tracked him down in the Axis Bank fraud case.The accused is currently in judicial remand. Following court orders, police secured two days of custody and launched an intensive interrogation. After undergoing a medical examination at Vijayawada govt hospital, he was taken to several locations connected to the investigation.The case revolves around the alleged creation of 26 bank accounts using forged documents across three Axis Bank branches in Vijayawada. Investigators say the accused carefully maintained transactions in these accounts, creating an illusion of financial credibility. Based on this apparent track record, loans were reportedly sanctioned in phases, eventually amounting to ₹5.28 crore. After obtaining the funds, he allegedly defaulted on repayments.As part of the investigation, police escorted the accused to his native village of Gudur in Krishna district and conducted searches at his residence. While no fresh documents were recovered, investigators found evidence suggesting that large portions of the loan money were diverted into real estate investments. Agricultural lands, plots and house sites in Gudur, Pedapulipaka, and Tadigadapa are among the properties under scrutiny.Police suspect the fraud may be larger than initially believed and are now probing whether others assisted the accused in executing the elaborate scheme. Authorities are also tracing additional assets believed to have been acquired using the proceeds of the fraud.