Couple held for cheating banks of Rs 5 Crore

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posted on 13 years ago — updated on 1 second ago

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BANGALORE: The Cubbon Park police have busted a racket which has allegedly cheated various banks to the tune of Rs 5 crore by gett..

BANGALORE: The Cubbon Park police have busted a racket which has allegedly cheated various banks to the tune of Rs 5 crore by getting vehicle loans upon submission of fake documents. A couple has been arrested in connection with this and a cash of Rs1.2 crore has been seized from them.
The accused have been identified as Ashok Kumar (34) and Anjana (25), residents of Rajajinagar. The other accused, G Bhadraradhya, Suresh, Vijayalakshmi and D S Deepak are absconding and search operations are on to trace them.According to the police, Sundaram Motors Private Limited had filed a case against Bhadraradhya, accusing him of opening bank accounts in the name of the firm by submitting fake documents, and applying for vehicle loans by submitting fake invoice receipts. Bhadraradhya had obtained the original proforma and invoice receipts by paying an amount in advance to buy a Mercedes Benz car and he used those documents, the police said.

Upon investigating, it was found that Bhadraradhya and Vijayalakshmi had submitted these fake documents and had obtained vehicle loans up to `2.80 crore from Canara Bank, Corporation Bank and Saraswath CoOperative Bank's Koramangala branch. They had credited the amount to an account that was opened in the name of Sundaram Motors in Allahabad Bank's Rajajinagar branch. Later, all the accused had divided the money amongst themselves, the police added.