The Sheshadripuram police have arrested a Kannada film producer for allegedly duping three banks by availing of approximately Rs. 96 lakh in loans by submitting the same set of documents of his house as collateral.
Based on a complaint filed by Dashika Ramesh, Chief Manager of Syndicate Bank, Sheshadripuram branch, the police arrested Prasanna S., resident of Vijaya Nagar, on Wednesday and charged him for cheating and forgery.
According to the police, Prasanna is a grain merchant and had incurred a huge loss. In order to recover his money, he needed Rs. 1 crore.
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“He had one house in Kempapura Agrahara and used it as collateral surety with Syndicate Bank,” said the police. The bank evaluated the property and sanctioned a Rs. 38 lakh loan in December 2015.
In order to get the remaining amount, Prasanna got colour photocopies of the property documents and submitted them to Daivagna Co-operative bank and a financial lending institution. He got Rs. 20 lakh from Daivagna and Rs. 38 lakh as loans from the financial institution.
The cheating came to light when he failed to repay the loan taken from Syndicate Bank. Bank officials approached Prasanna and sought an explanation, said the police
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He agreed to repay the loan and submitted two cheques of Rs. 10 lakh in July and Rs. 7 lakh in August this year. Both bounced.