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Eight held for defrauding banks out of Rs 12 crore with fake papers: Chennai police | Chennai News

The Chennai police have arrested eight people, including three women, for allegedly defrauding South Indian Bank and Bank of Baroda by submitting fabricated land documents to take loans worth Rs 12 crore between 2020 and 2021.

The police identified them as B Mala (21) of Adhanur, P Balakrishnan (47) of Guduvanchery, S Vignesh (32) of Ambattur, V Muthuselvan (44), his wife Sivaranjani (37), V Srinivasan (46), his wife Sankareshwari (40) of Korattur and K Sivaraj (41) of Kerala.

A manager with South Indian Bank has alleged that in September 2020, one Balasubramanian took a loan of Rs 90 lakh in the name of an agency by submitting papers related to plots that had already been donated to the Adhanur village panchayat for public conveyance in Tamil Nadu’s Kanchipuram district.

Similarly, a Bank of Baroda official has complained that between November 2020 and March 2021, Sankareshwari, Suryanarayan, Sivaranjani, Sivaraj and one Kumar took loans worth Rs 11.06 crore in the name of different entities.

The police, who registered six cases on the complaints, said the borrowers had mortgaged plots situated at MG Nagar part X to XIV in Adhanur which were developed by K C Bose, who ran a construction company called Venus Enterprises.

As per norms of the Directorate of Town and Country Planning, each part should be allotted a specific area for the construction of roads and parks for public use. Certain places in parts X, XI, XII and XIV were thus donated to the Adhanur panchayat through gift deeds between 1989 and 1990.

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“During the Covid pandemic between 2020 and 2021, the banks sanctioned various business loans. K C Bose and others hatched a criminal conspiracy to cheat the banks by availing of loans by submitting fabricated land documents,” the police said in a statement.

Bose allegedly created fake DTCP layout approvals for MG Nagar parts X, XI, XII and XIV, and sold the plots that were already donated to the panchayat to the accused. They submitted the documents to South Indian Bank and Bank of Baroda, availed of loans in the name of fake companies and cheated the banks out of Rs 12 crore,” the statement said, adding that when assessors visited the property, the accused showed them serially numbered fake boundary stones.

The police, who made the eight arrests on Tuesday, said Bose died in July this year and that one Babu who aided him died of Covid in 2021. They are on the lookout for the other accused in the case.

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