The Bank Fraud Investigation Wing of Greater Chennai Police has arrested four individuals involved in a Rs7 crore business loan scam at City Union Bank. The arrests were made after a complaint was lodged by Vijayaganesh, the bank manager, accusing the suspects of obtaining the loan through fraudulent means.
According to the police report, Vishnu Sharma, Samath Bhai Sharma, and other family members, who operate the Kamadhenu Jewellery Shop in Avadi, are accused of submitting forged property documents to secure the loan. The suspects allegedly misrepresented their assets and provided falsified documents to deceive the bank, leading to the approval of the Rs7 crore loan.
Once the loan was granted, the accused failed to repay the amount, leading to charges of cheating and fraud. The police investigation has uncovered the fraudulent activity, and the accused individuals are now in custody, facing serious charges related to forgery, cheating, and financial fraud.
The case highlights the increasing use of forged documents in financial scams and the importance of vigilance by financial institutions in verifying loan applications.
