Former AGM of nationalised bank arrested in Chennai for fraud of Rs 1.8 crore
Police said that the directors of a beverage unit, Lemooria Foods, had availed a loan of Rs 2.6 crore from the bank in 2018 and defaulted on paying Rs 1.8 crore.
DTNEXT Bureau
Picture of arrest used for representational purposes only (File photo).
CHENNAI: A retired assistant GM of Bank of Baroda branch in Chennai was arrested by the Central Crime Branch (CCB) of the city police for allegedly colluding with people who had defrauded the bank of Rs 1.8 crore by availing a term loan using bogus documents.
Police said that the directors of a beverage unit, Lemooria Foods, had availed a loan of Rs 2.6 crore from the bank in 2018 and defaulted on paying Rs 1.8 crore.
Probe revealed that the company representatives had produced bogus documents to avail the loan. Rajalakshmi, Satish Babu and Raja were arrested by the CCB’s Bank Fraud Wing. Further investigations revealed that then assistant general manager, P Radhakrishnan (61), now retired, had facilitated the fraudsters in availing the loan.
Police said that he had colluded with the gang and approved fake bills of machinery they had supposedly procured for the company. Radhakrishnan had even conducted several visits to the company for inspection and claimed everything was in perfect order.
After an inquiry, the police nabbed Radhakrishnan from Hyderabad. He was brought to the city, produced before a magistrate and remanded in judicial custody.
