Rs.12 crore fraud in Bank of Baroda and South Indian Bank, 8 People Arrested by Police

The Chennai police apprehended eight individuals, including three women, on charges of defrauding South Indian Bank and Bank of Baroda. The suspects obtained loans amounting to Rs 12 crore using fabricated land documents. Among those arrested are B Mala (21), P Balakrishnan (47), S Vignesh (32), V Muthuselvan (44), his wife Sivaranjani (37), V Srinivasan (46), his wife Sankareshwari (40), and K Sivaraj (41) from Kerala.

According to the allegations, in September 2020, Balasubramanian took a loan of Rs 90 lakh using papers related to plots that had been donated to the Adhanur village panchayat in Tamil Nadu’s Kanchipuram district. Similarly, between November 2020 and March 2021, Sankareshwari, Suryanarayan, Sivaranjani, Sivaraj, and one Kumar obtained loans worth Rs 11.06 crore in the name of different entities from Bank of Baroda.

The police stated that the accused mortgaged plots developed by K C Bose’s construction company, Venus Enterprises, in MG Nagar parts X to XIV in Adhanur. These plots were donated to the panchayat through gift deeds between 1989 and 1990. During the Covid pandemic, the accused submitted fabricated land documents to avail business loans from the banks.

The accused allegedly used fake DTCP layout approvals for MG Nagar parts X, XI, XII, and XIV, selling plots already donated to the panchayat. They formed fake companies and cheated the banks by availing loans totaling Rs 12 crore. K C Bose, the main suspect, passed away in July of the current year, and his accomplice, Babu, who aided him, died of Covid in 2021. The police are actively searching for other individuals involved in the case.