Makes off with Rs 1 crore loan secured by submitting fake documents
Makes off with Rs 1 crore loan secured by submitting fake documents
A COUPLE has duped the Bank of Baroda, Vijaynagar, of Rs 1 crore.
Vijayanagar police suspect the involvement of bank staff, without which, they said, the sanction of loan would not have been possible.
u00a0S Vasudeva Adiga, branch manager, said the couple, M Ramakrishna and his wife Shashikala, claimed that they were industrialists and approached the bank last year for a loan of Rs 1 crore to expand their business.
The bank sought collateral surety and were given documents of a plot on Nagarbhavi main road.
Bank officials visited the site for verification and the evaluator too gave them the green signal.
After the formalities were completed, the bank issued an overdraft of Rs 1 crore towards business loan in the name of Ramalingeshwara Fertilisers.
The scam came to light after the company found itself in the defaulters' list, having failed to pay the installments. When several reminders from the bank did not yield any response, bank officials got suspicious and decided to verify the documents after visiting the site again.
To their shock, the documents were found to be fake and even the guarantor who signed on behalf of the couple was missing.
Enquiries revealed that the fertiliser company too didn't exist, bank officials said in their complaint.
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