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BJP MLA booked for not paying back Rs 439 crore Bank Loan


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The Bengaluru Police has taken action against Ramesh Jarkiholi, a former Karnataka minister and BJP MLA, along with two others. They are being accused of not repaying a massive loan of Rs 439.07 crore taken from a cooperative bank. The purpose of the loan was to set up a sugar factory.

Jarkiholi is facing charges under Section 420 (cheating) of the Indian Penal Code. The complaint was filed by Rajanna Muthashetty, who is the Branch Manager of Karnataka State Cooperative Apex Bank’s Chamrajpet branch. According to the complaint, Jarkiholi obtained the loan in the name of a company called Soubhagyalakshmi Sugars Limited, with plans to establish and expand a factory in Belagavi.

The loan, totaling Rs 232.88 crore, was sanctioned between 2013 and 2017. As of August 31, 2023, the outstanding amount that Jarkiholi and the others allegedly owe to the bank is Rs 439.07 crore, as stated in Rajanna’s complaint.

One significant detail highlighted in the complaint is a condition set during the loan sanction – Soubhagyalakshmi Sugars Limited was not allowed to appoint a different President, Managing Director, and Director. However, the complaint alleges that this condition was violated when the company changed its board of directors without informing the bank. The complaint suggests that unrelated individuals were appointed to the board.

Rajanna, in the filed complaint, accuses Jarkiholi and the two other individuals of intentionally making these changes with the aim of deceiving the bank. This detailed information outlines the allegations and the specific circumstances surrounding the case.

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