Conmen pose as builders, dupe customers, banks of ₹20 crore

Manjunath and Ranganath arrested by CCB for duping customers and banks of ₹20 crore.

Manjunath and Ranganath arrested by CCB for duping customers and banks of ₹20 crore.   | Photo Credit: Special Arrangement


Banks cleared loans without verifying property, say police

The Central Crime Branch have arrested two men who allegedly posed as builders, took personal and bank details from gullible potential buyers and used that information to avail of bank loans up to ₹20 crore in their names. They carried out the scam a year-and-a-half ago, but the incident came to light in December 2019.

“The accused duped many nationalised and private banks by submitting KYC documents of the buyers and fake documents of the property they claimed to have been developing,” said Ravi Kumar, DCP (Crime). The potential buyers were not aware that loans had been taken in their names.

“The banks that were duped cleared these loans without verifying the property or following due procedure. We have issued notices to them to appear before us for questioning as we suspect that some employees may have been part of the scam,” DCP Kumar added.

The CCB is also submitting a detailed report on the scam to the government with a recommendation that the case be handed over to the CBI or CID for a detailed probe.

The conmen, identified as Manjunath, 34, from Basaveshwara Nagar and his associate Ranganath, 37, perpetuated this scam a year and a half ago. The police are also probing why the matter came to light as late as last month if banks had not recovered the loan amount.

The scam came to light in the last week of December when a businessman, Ravi Kumar S., was approached by officials of nationalised bank, informing him that a home loan had been taken in his name. He was asked to pay the dues.

As he had not taken any loan from the bank he approached the High Grounds police immediately. Based on this one complaint, the CCB launched a probe and tracked down the Manjunath and Ranganath. “On questioning them, they realised that the duo had repeated this scam multiple times and taken loans in other people’s names,” said a senior police official. The police have also recovered two high-end cars from the duo.

Ravi Kumar said the accused were working as agents for executives for a private bank in loan section. Using their expertise and contacts with the bank officials, the duo ganged up and started luring people.

They contacted people who had approached the bank for loans and posed as builders. They took potential buyers to under-construction residential apartments in Bengaluru, and offered to help them to get bank loans.

“Some gullible people submitted their KYC and other documents which the accused would submit to banks and take loans in the potential buyer’s names. However, they ensured that the money was transferred to their accounts. It’s surprising that the banks failed to verify such documents and sanctioned the loans without following due procedure,” Mr. Kumar added.

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Printable version | Jan 21, 2020 2:02:10 PM |

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