Bengaluru: Mahadevapura Police have registered a cheating case against a divorced couple accused of defaulting on a ₹58.15 lakh home loan obtained from the State Bank of India (SBI) and subsequently disappearing, officials said.
The case was registered following directions from a court based on a private complaint filed by SBI’s Home Loan Management Centre, Whitefield.
The accused have been identified as Shweta Gaddam and Balaraju Gaddam, originally from Visakhapatnam, Andhra Pradesh. According to the complaint, Shweta was employed with IBM India Pvt. Ltd., while Balaraju worked for a private IT company.
Loan taken to buy apartment
Police said the couple secured the home loan in September 2015 to purchase a 2BHK flat in the Rain Forest residential project. They had agreed to repay the loan through monthly EMIs of ₹57,024.
During an inspection of the property in November 2024, SBI officials found that the apartment had been completed and was occupied by tenants.
Bank alleges deliberate default
Further verification reportedly revealed that the couple had divorced. Despite repeated attempts, bank officials were unable to trace Shweta, while Balaraju was found to be living abroad.
According to the complaint, Balaraju had initially been repaying the loan but allegedly stopped making payments after the couple separated. SBI has alleged that the duo intentionally defaulted on the loan with the intention of cheating the bank.
Police launch investigation
Based on the court’s directions, Mahadevapura Police have registered a case under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) relating to cheating and criminal breach of trust.
Police said efforts are underway to trace both accused and investigate the circumstances surrounding the alleged loan default