Conmen pose as loan agents with access to 'US dept of defence's developmental scheme' funds for city, cheat three loan seekers of lakhs of rupees

'Pentagon is giving home loans in city'

Conmen pose as loan agents with access to 'US dept of defence's developmental scheme' funds for city, cheat three loan seekers of lakhs of rupees

The Pentagon is giving housing loans in India this is the line two brothers allegedly used to con three people.
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The accused are said to have promised the victims they would arrange a 'US Pentagon loan' for them against existing property.

The brothers would then get a power of attorney on the property, get a loan sanctioned locally in their own name, and flee with the money.

Initially, the jurisdictional police had refused to register a complaint, but were later compelled to investigate after Bidari's intervention.

Krishnappa, who had inherited some property, was in urgent need of money to ensure medical treatment for his brother and to construct a house.

After visiting many banks unsuccessfully, Krishnappa met Prasad, who claimed to be a loan agent and assured him that he would get him his dream loan at a minimal rate of interest if he agreed to certain conditions.

Overwhelmed by the offer, Krishnappa readily agreed, following which Prasad took him to his brother Chandrakanth, who claimed to be the managing director of an establishment called Yashika Software in Koramangala.

The brothers led Krishnappa into believing that they were procuring a loan of Rs 200 crore from the Pentagon for various developmental activities in the city.

Chandrakanth allegedly agreed to get him a loan of Rs 55 lakh on the condition that Krishnappa give him general power of attorney over his share of the ancestral property.

Krishnappa was convinced that it was just a formality and also an easy way to get the loan at the earliest, so he signed away the rights to his property to Chandrakanth.

Chandrakanth allegedly even took Krishnappa to the Koramangala branch of the Axis Bank on the pretext of opening an account in reality, Chandrakanth was submitting the property documents to the bank to avail the loan in his own name.

The fraud came to light when Krishnappa got a notice from the bank in November, informing him that they were seizing his property since Chandrakanth had defaulted on the loan.

Shocked, Krishnappa went to confront Prasad, who not only refused to meet him, but also threatened him with dire consequences. When Krishnappa tried to contact Chandrakanth, he was unavailable.
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"It was too late before I realised that I had been cheated. I found out that two others Neminathan from Basaveshwar Nagar, and Basavaraj from Yelahanka were cheated in a similar manner," Krishnappa told
MiD-DAY.
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The Banaswadi police said that they have taken up a case of cheating and are investigating.

They refused to comment on Krishnappa's allegation.

"Though the police reluctantly agreed to book a cheating case, they are asking me to track Chandrakanth and also to arrange a vehicle to ferry them to detain the accused and investigate further," Krishnappa said.

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