Bhubaneswar: Economic Wing Wing (EOW) The branch of the state crime captures the owner of a private financial company because it is suspected of deceiving a bank more than Rs 5 Crore.
The defendant, identified as a cathiresan, was arrested from Trichy in Tamil Nadu, his place of origin.
EOW said the cathophan was the managing director of M / S Jagannatha Financial Services Ltd and Chief Executive Officer of the M / S Cash Foundation with offices in Bhubaneswar.
He, on behalf of Jagannath Financial Services Ltd., has used Rs 5 Crore loans from Bank Erstwhile Corporation (now Union Bank of India), Bhubaneswar in 2009.
Kathiresan told the bank that the purpose of utilizing loans was to lend.
Money to the Self-Help group (SHG) and shared accountability group (JLG).
Furthermore, the Bank approved a loan RS 5 Crore Demi M / S Jagannatha Financial Services Ltd.
After several months, the company failed to pay monthly installments to the bank.
Two years after the loan was approved, his account turned into a non-performing asset (NPA) on November 1, 2011 with an increased balance to around Rs 5.63 Crore.
EOH registered a cheating case against the dishiresan and his company on February 9, 2015 after submitting a complaint by K N Narasimha, former Head of Bank Manager Ershtwhile Corporation.
Cathiresan was running around since the case was registered against it.
“We found during the investigation that the defendant had distributed loans (which he took from the bank) to many existing agricultural experts.
He has submitted a fabric and false document to the bank to take advantage of loans.
The intention is to deceive the bank and abuse a large number of loans,” said an EOW officer.
Odisha Crime Branch: Man Held from Tamil Nadu for RS 5 Crore Loan Fraud
