Friday, December 24 2004 19:11 Hrs (IST) - World Time -

Bangalore: The Bangalore District police have uncovered a racket in defrauding of banks to the tune of Rs 4.41 crore by furnishing forged bank guarantees with the arrest of a person and launched hunt for another key accused.

The accused Pattabhi Rama Reddy, arrested on December 22 has been charged that he along with another partner identified as Ashok V Kotecha had forged bank guarantee letters of Union Bank of India (UBI), Kalkere Branch, Bannerghatta road, Central Range IGP, Shankar Mahadev Bidari stated in a release issued in Bangalore.

Bidari said, that the accused had furnished these forged bank guarantees to several institutions like Bangalore Water Supply and Sewerage Board, Maharashtra State Electricity Board, Mumbai and others.

The police suspect that, such forged bank guarantees could have been furnished to other departments like Excise, BESCOM and Bangalore Development Authority among others and requested these authorities to verify the documents.

The arrested has been produced before a court in Anekal, which has remanded him to policy custody till December 31.