Mangaluru police have arrested three individuals in connection with a major loan fraud involving forged documents and fake companies, which defrauded the State Bank of India’s Mallikatte branch of over Rs 2.5 crore under the MSME scheme.
The accused — 53-year-old Muneer Kadaman Abubakkar from Pumpwell, 52-year-old Hussain P from Nandigudde, and 27-year-old Mohammed Mustafa from Morgans Gate — were apprehended after two separate cases were registered.
According to City Police Commissioner Sudheer Kumar Reddy CH, a complaint was filed by the chief manager of SBI, Mallikatte branch, stating that the firm Electro World Enterprises secured a loan of around Rs 1.2 crore using forged documents, while MH Enterprises obtained a loan of approximately Rs 1.3 crore in a similar manner. Instead of using the funds for business purposes, the accused diverted the loan amounts to various bank accounts, resulting in significant losses for the bank. The possible involvement of bank officials is also under investigation.
The two cases were registered at Mangaluru East police station under Sections 316(2), 316(5), 318(2), 318(3) read with 3(5) of the Bharatiya Nyaya Sanhita.
Muneer Kadaman Abubakkar and his associate Hussain P were arrested in one case, while the owner and prime accused of MH Enterprises, Mohammed Mustafa, was arrested in the other. Investigations revealed that Muneer was involved in both cases.
The cases have been transferred to the Mangaluru Crime and Criminal Branch (CCB) for further investigation.
