Banking News

Couple arrested for duping bank

The Kamakshipalya police on Tuesday arrested a couple for bank fraud after they allegedly availed of a loan of ₹5.6 crore from a cooperative bank against a collateral 21 flats. However, they already put up the flats as collateral while taking a loan from another bank, said the police.

Based on the complaint filed by a bank official from the Kamakshipalya branch of Sree Thyagaraja Co-operative Bank, the police arrested Kiran Kumar S. and his wife, Savitha L., for cheating .

The couple own a firm dealing with construction material and real estate. “According to the complainant, in 2017, the accused took a loan of ₹1.5 crore from a bank. Two years later, they applied for a loan with the co-operative bank. They took out loans to the tune of ₹5.6 crore under different schemes and even submitted 21 flats situated in Nisarga Capital Apartments, Hoskote, as collateral. They paid the EMI till February 2020, but then defaulted and went missing,” said a police official.

When the bank started investigating further, they realised that the couple had used the same flats to apply for a loan at another bank, and had defaulted on their EMIs.

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