The Central Crime Branch (CCB) of the Greater Chennai Police has caught three people, including a couple, for allegedly tricking the State Bank of India into giving them ₹1.58 crore as home loans. They did this by giving the bank fake documents.
The three individuals who were arrested are S. Rajeshwari, a 49-year-old person from Nanganallur, S. Jegannathan, a 51-year-old person, and his wife J. Muthulakshmi, a 46-year-old person from Medavakkam.
Their arrest came after a complaint was filed by C. Sethuraman, an assistant general manager at the State Bank of India. He works at the Retail Assets Central Processing Centre (RACPC) in MRC Nagar. The complaint stated that the three people took housing loans worth ₹1.16 crore to buy two flats in Perungalathur.
During the investigation, it was discovered that they had given the bank fake approval plans and inflated valuation reports. They did this to sell the unsold property from their construction company. They cheated the bank and illegally transferred the money to different accounts. According to the complainant, the bank suffered a total loss of ₹1.58 crore because of their actions.
The police said that they were first arrested in May. Later on, it was found that they were involved in four more cases. These cases were filed based on complaints made by managers at SBI branches on Rajiv Gandhi Salai, Egmore, and two other locations.