Two persons were arrested here for allegedly making a 68-year-old woman pledge her property as surety for a bank loan without her knowledge.
Two persons were arrested here for allegedly making a 68-year-old woman pledge her property as surety for a bank loan without her knowledge. The fraud was revealed only when the bank tried to attach her properties.
Police said the duo, Prakash R Patil (49) and N Shankar (47), cheated the woman in collusion with the officials of a nationalised bank.
Ulsoorgate police, who made the arrests recently, said Patil conned the woman, Jayalakshmamma, into pledging the documents of her properties to the State Bank of Patiala. Using those documents, he helped Shankar get a loan of Rs2.14 crore, police said.
Jayalakshmamma had sought a loan for constructing a commercial complex on her property in Rajajinagar, her place of residence. Patil reportedly approached her in February 2008, introducing himself as an official property valuer.
Police said Patil took the woman to the State Bank of Patiala’s Badami House branch, where the bank officials reportedly made her sign a few blank papers besides other documents. Patil assured the woman that her loan would be sanctioned soon.
Jayalakshmamma told the police that she was shocked when the bank tried to attach two of her properties for non-payment of the loan in June 2009. She later came to know that Patil had cheated her by making her pledge the documents as surety for a loan Shankar, the proprietor of Peenya-based Karnataka Apparel Exports Private Limited, had availed.
The woman complained to a city court, who directed the police to probe the case.
Police said two suspects in the case were absconding. They were identified as NS Chahar, the bank’s branch manager, who was
later transferred and Shanthakumari, wife of Shankar.
Patil and Shankar had allegedly committed similar frauds in the Chandra Layout, Banashankari, Shankarpuram and Jayanagar police station limits.
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