Hyderabad, May 3 (IANS): The Telangana Police's CID has arrested a couple absconding for 11 years after defrauding a bank and finance companies to the tune of Rs 87 crore, a police official said on Friday.

Manikonda Anjaneyulu and his wife Manikonda Reeta were arrested in Bengaluru, police said.

According to Additional Director General, CID, Shikha Goel, the couple had been absconding since 2013.

Anjaneyulu was the Managing Director and his wife the Director of Adarsh Communications Pvt. Ltd, a company dealing with the import of communication equipment and the sale of multi-brand cellular phones and other products.

The couple had approached the State Bank of India's (SBI) Balanagar branch for financial assistance to meet their working capital and obtained a loan of Rs 27 crore.

After availing the loan, the couple became defaulters and absconded. On a complaint by bank officials, a case was registered in 2013 against them under sections 420, 406 and 403 of the Indian Penal Code at Balanagar Police Station, Hyderabad.

The case was subsequently transferred to CID.

During the course of investigations, it came to light that the accused was also involved in four other cases in Hyderabad City and one case in Cyberabad Commissionerate in which they cheated finance companies and private investors to the tune of Rs 60 crore.

On the direction of ADG Goel, a special team led by investigation officer DSP P. Sreedhar, was formed recently, and traced and arrested the couple from Bengaluru.