Bengaluru Bank Fraud: Private Firm Accused of Cheating Karnataka Bank of Rs 121.69 Crore, FIR Registered Against Directors
A major banking fraud case has come to light in Bengaluru. A private company has allegedly cheated Karnataka Bank Limited of more than ₹121.69 crore. A police case has now been registered against the company’s directors.
The fraud is related to the Karnataka Bank branch located in Jayanagar. The accused company, Sri Krishna Shelter Private Limited, is based in the 4th Phase of Girinagar in Bengaluru.
According to the complaint, the company had entered into a loan agreement with the bank. It had taken large loans from the bank for the construction of residential buildings.
To secure the loan, the company mortgaged several buildings and properties to the bank. Based on these mortgaged assets, the bank sanctioned loans worth several crores.
However, the company is now accused of selling those mortgaged buildings without informing the bank. According to the allegations, the company sold the properties while the loan was still pending and did not repay the borrowed money.
It is also alleged that the company neither cleared the loan nor handed over the mortgaged properties to the bank. This resulted in a loss of ₹121.69 crore to the bank.
After this, a formal complaint was filed by Shubha, the branch manager of Karnataka Bank in Jayanagar.
Based on the complaint, the police registered a First Information Report (FIR) against the people connected with the company. The accused include Managing Director Raghavendra, Director Srilakshmi, and Akshay Singh.
Police sources said that Raghavendra and Srilakshmi are husband and wife, and both held important positions in the company.
The case has been registered at Girinagar Police Station in Bengaluru. Authorities have started a detailed investigation into the alleged fraud and the financial transactions related to the loan.
