Police suspect cheats operated in nexus with bank officials
Police suspect cheats operated in nexus with bank officials
ADVERTISEMENT
All the targets were nationalised banks. Rules for sanctioning loans are generally stricter for nationalised banks. According to their standard procedure, they should get all documents checked by a notary, a process that takes almost a month. But the accused were sanctioned loans within a week.
Fake papers for loans
According to police officials, one of the accused, Shankar, was a former garment factory owner who allegedly hit upon the idea of this scam when he went bankrupt. He then allegedly enlisted his friend Shridhar who operated a rubber stamp manufacturing unit. Shridhar allegedly forged the property documents of one Jayalakshamma's house located at BCC layout, Myco Extension. The duo then allegedly produced it before the banks, and requested a loan under the pretext of rebuilding the complex. Shridhar allegedly also forged the banks' seals and signatures of bank officials and cheated the banks of more than Rs 5.5 crore.u00a0
The police have recovered duplicate rubber stamps, documents, and computer accessories. A B Rajendrakumar, inspector, Chandra Layout police station said, "We are investigating this case. There is a possibility that bank officials were involved, but we are yet to ascertain their role."
"Exciting news! Mid-day is now on WhatsApp Channels 
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
