Mangaluru police have uncovered a major loan fraud racket in which fake companies were created and forged documents used to swindle over Rs 2.5 crore from the State Bank of India’s Mallikatte branch under the MSME scheme. Two separate cases were registered, leading to the arrest of three accused: Muneer Kadaman Abubakkar (53) from Pumpwell, Hussain P (52) from Nandigudde, and Mohammed Mustafa (27) from Morgans Gate.
City Police Commissioner Sudheer Kumar Reddy CH revealed that the SBI Mallikatte branch chief manager filed a complaint on Tuesday. It was reported that under the MSME scheme, the firm Electro World Enterprises secured a loan of around Rs 1.2 crore using forged documents, while MH Enterprises similarly obtained about Rs 1.3 crore. The accused diverted these loan amounts to various bank accounts instead of using them for the intended business purposes, causing significant financial losses to the bank. There is also suspicion of bank officials’ involvement.
Following the complaint, two cases were registered at the Mangaluru East police station under relevant sections of the Bharatiya Nyaya Sanhita. Muneer Kadaman Abubakkar and his associate Hussain P were arrested in one case, while Mohammed Mustafa was apprehended in the other.
Investigations revealed that Muneer Kadaman Abubakkar played a central role in both frauds. The cases have now been transferred to the Mangaluru CCB unit for further investigation.
