The Bhatkal Rural Police have arrested Raghavendra Rajeeva Swamy, the main suspect in a financial misappropriation case involving Sriram Finance. Swamy’s arrest comes after the detentions of two other individuals linked to the scam.
Swamy, who had been employed at the Bhatkal branch of Sriram Finance since January 2023, allegedly abused his position to unlawfully waive vehicle loans for certain clients. This led to a significant financial loss for the company, amounting to approximately Rs 89.8 lakh.
The complaint, filed by senior Sriram Finance staff member Naveen Poojary, details how Swamy fabricated hypothecation certificates using the company’s official seal and the forged signature of a senior officer from the company’s head office. These fake documents were then used to illegally transfer vehicles at the Regional Transport Office (RTO), even though the clients had not fully paid off their loans.
Additionally, Swamy is accused of collecting loan repayments from clients over several months but pocketing the money instead of submitting it to Sriram Finance. This misappropriation of funds was uncovered during the investigation, as described in the police complaint.
Swamy is currently in police custody, while further inquiries are ongoing to track down other individuals involved in the case.
