CCB arrest three more, including bank managers, in loan fraud case
The borrowers mortgaged the plots situated at Adanur village Panchayat of Kunradthur Taluk, which were already donated to the village Panchayat for public conveyance (OSR land).
CHENNAI: The Central Crime Branch (CCB) of the city police on Saturday arrested three more persons, including two bank managers, for facilitating loan fraud. Eight persons were arrested three days ago for allegedly cheating banks by availing business loans worth Rs 12 crore using fraudulent means.
The borrowers mortgaged the plots situated at Adanur village Panchayat of Kunradthur Taluk, which were already donated to the village Panchayat for public conveyance (OSR land).
The arrested have been identified as S Sumant Kumar (45) of Porur, the alleged mastermind of the scam and then bank managers - R Tuthupally Ravindra (51) and Raja Ranjithkumar (42), who sanctioned the loans.
Earlier on Tuesday, Police had 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.
