Tamil Nadu man been arrested for a bank fraud Rs 5.62 crore in Odisha
Tamil Nadu man been arrested for a bank fraud Rs 5.62 crore in Odisha
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Bhubaneswar: S Kathiresan, a resident of Gnanaoli village in the Thuvakudi police limits of Trichinapalli in Tamil Nadu, has been detained for allegedly committing a Rs. 5.62 crore scam.
Kathiresan, a Tamil Nadu native, is being held on a transit remand and will appear in front of the SDJM court on August 11.
According to an EOW press release, K N Narasimha, the former Chief Manager of Corporation Bank (now Union Bank of India), filed a complaint against Kathiresan on February 9, 2015. The accused had taken out a loan of Rs 5 crore in his capacity as Managing Director of Jagannatha Financial Services Ltd with the intention of lending it to the SHG/ Joint Liability Group.
The company, however, failed to make the instalments, and the account was declared non-performing on November 1, 2011, with an outstanding balance of around Rs. 5.63 crore.
According to the inquiry, the accused issued the loan to non-existent agriculturists, submitted forged and fake documents to the bank, and misappropriated the large sum for his own use.
Kathiresan, who had eluded capture since the lawsuit was filed, was apprehended on August 8, according to the release.
