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
Statewide drivers’ stir brings Odisha transport to a standstill
Maoist camp busted in Nuapada district, Explosives seized
East Zone IPS hosts CME on Women’s mental health
AI-powered health monitoring kit to improve maternal care in Odisha
Ratna Bhandar renovation completed in 95 days, Inventory to begin soon
BJP will grow stronger, play pivotal role in shaping a bright future for Odisha under Manmohan’s presidency: Odisha CM
Rasagolla Diwas: How Bhubaneswar-Cuttack Honors Odisha's Sweet Heritage
Niladri Bije: How a Sweet Rasagola Heals Divine Hearts in Puri
Case Diary filed in Sessions Court in BJP leader Jagannath Pradhan case; Bail hearing on July 9
Manmohan Samal elected unopposed as Odisha BJP president
Season’s first floodwaters reach Mundali as Mahanadi water level rises
Bangladeshi family detained in Paradip amid crackdown on illegal immigrants
Odisha Drivers launch indefinite steering strike from today
Odisha to sanction concrete houses for 37 Lakh more families under PMAY-G soon
Sudarsan Pattnaik marks Niladri Bije, Rasagola Dibasa with mesmerising sand art at Puri Beach
Medical officer in Jagatsinghpur arrested for accepting bribe for post-mortem report