EOW nabs finance company MD in Rs 5 crore bank fraud case
Published By : Chinmaya Dehury | August 10, 2021 2:24 PM
Share
Bhubaneswar, Aug 10: The Economic Offences Wing (EOW) of the Crime Branch has arrested the Managing Director (MD) of a private finance company from Tamil Nadu in connection with a Rs 5 crore fraud case registered in Bhubaneswar. The accused S. Kathiresan was arrested from Gnanaoli village of Trichinapalli district on August 8. He was brought to Odisha on transit remand on Tuesday. He was arrested on the basis of a complaint filed by K.N. Narasimha, the then Chief Manager of the erstwhile Corporation Bank (now Union Bank of India), said an EOW release. Kathiseran, the Managing Director of M/s Jagannatha Financial Services Ltd & Chief Executive Officer of M/s KAS Foundation, had availed a loan of Rs 5 crores from the erstwhile Corporation Bank in 2009. The accused had taken the loan for the purpose of lending the same amount to the SHG/ Joint Liability Groups. However, the company failed to repay the installment and finally the account turned NPA on 01.11.2009 with an outstanding balance of about Rs. 5.63 crore, EOW said in the release. Kathiseran had disbursed the loan to various non-existent agriculturists and submitted false documents to the bank with a criminal intent to defraud the bank. The entire amount was misappropriated by the accused, the EOW said.
Prameya English Is Now On WhatsApp Join And Get Latest News Updates Delivered To You Via WhatsApp
You Might Also Like
More From Related News
Devotion drenched the Grand Road of Puri during Suna Besha of Shree Jagannath and his siblings
Meenakshi Bahinipati appointed President of Odisha Pradesh Mahila Congress
Odisha: Massive police arrangements in Bhadrak for peaceful Moharrum celebration
ECoR cautions public against making dangerous stunt reels on tracks
Two women killed, child injured in wall collapse at construction site in Odisha's Nuapada
Dharmendra inaugurates Kendriya Vidyalaya temporary campus in Jeypore
Odisha: 10 hospitalized after eating wild mushroom curry in Rayagada’s village
Odisha CM recalls Dr. Syama Prasad Mukherjee’s contributions on his birth anniversary
LoPAR forms over Gangetic West Bengal, heavy rainfall likely in Odisha: IMD
Kenstar Organises CSR Initiative with Child Safety Measures at Puri’s Jagannath Dham
Season's first floodwater released from Hirakud Dam through 12 gates
Suna Besha in Puri: Essential tips for seamless darshan
Suna Besha in Puri today: Deities to look royal adorned with antique gems & jewelry
Suna Besha of Lord Jagannath: Tradition to adorn deities in Puri with at least 128 antique gems and jewelry
Mission Values & Employability: OSOU launches "DAKSHATA" to instill new era industrial skills in young minds with 10 new programs
Puri Bahuda Yatra: 3 holy chariots reach before Shree Jagannath Temple amid sea of devotees
Dharmendra launches major projects at Central University of Odisha
Naveen seeks MEA Jaishankar’s aid to rescue Odia youth abducted in Mali
Dharmendra proposes HAL–IIT Madras tie-up with Central University of Odisha to boost aerospace talent
BJD leader Lekhashree files complaint against Nilagiri MLA for derogatory remarks