Industrialist held in bank fraud case in Bangalore

The central bureau of investigation arrested an industrialist in connection with a Rs1,523 lakh bank fraud case.

Ashok Kumar Kejriwal, director of Kusum Alloys, has been remanded to judicial custody.

A criminal case was filed on January 20, 2009, against the then manager of Union Bank of India’s Avenue Road branch B Sundararaman, Prem Prakash Lodha, chairman of Innovative Ventures Private Limited at Sudhamanagar and its director Piyush Lodha, on information that they had made fraudulent transactions in the loan account of Innovative.

Investigation revealed that Kejriwal a resident of Sankey Cross Road, and his father Atmaram Kejriwal, availed loan by submitting fake documents. They had submitted a proposal to set up a sponge iron unit near Doddaballapur. 
It was later revealed that they had not set the unit, but caused a loss of Rs1,523 lakh to the bank.