Eight arrested for availing Rs 12 crore loan from banks using fraudulent means
Sivaranjani, Muthuselvan, Srinivasan and Sankareswari belong to the same family and run restaurants and packed foods business in Chennai.
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CHENNAI: Central Crime Branch (CCB) of the city police arrested eight persons including four businesspersons from the same family who allegedly cheated banks by availing business loans worth Rs 12 crores using fraudulent means.
The borrowers mortgaged the plots situated at Adanur village panchayat of Kundrathur Taluk which were already donated to the village Panchayat for public conveyance (OSR land). The bank fraud wing of CCB registered six cases based on a complaint from the bank manager.
On Tuesday, Police arrested B Mala (51) of Adhanur, P Balakrishnan (47) of Guduvanchery, S Vignesh (32) of Ambattur, V Muthuselvan (44), his wife, M Sivaranjini (37), S Sankareshwari (40), her husband, V Srinivasan (46) - all four from Korattur and K Sivaraj (41) of Palakkad, Kerala.
Sivaranjani, Muthuselvan, Srinivasan and Sankareswari belong to the same family and run restaurants and packed foods business in Chennai. They along with another person availed loans to the tune of Rs 11 crore from the bank, police investigations revealed.
They have registered the sale deed as if they are buying from Vignesh, a General Power of attorney, who works in their restaurant.
Police investigations revealed that KC Bose, who runs a construction company in the name of Venus Enterprises has developed MG Nagar Part I to Part XIV around the Adhanoor village in Kundrathur Taluk since 1987. As per DTCP norms, each Part should be allotted a specific area for the construction of roads and parks for public use and accordingly some plots were donated to the vilage panchayat.
Taking advantage of banks sanctioning business development loans during Covid pandemic in 2020 and 2021, Bose and others hatched conspiracy to cheat the bank by availing loans by submitting fabricated land documents.
Bose had created fake DTCP (Directorate of Town and Country Planning) layout approvals and handed it over to the accused who submitted the same in South Indian Bank and Bank of Baroda and availed loans in the name of fake companies which were started for availing loans and cheated the bank to the tune of Rs.12 Crores.
The arrested persons were produced before a magistrate and remanded to judicial custody. Search is on for absconding accused.
