The Seshadripuram police arrested a Kannada film producer for duping three banks of Rs 96 lakh in a loan default case.
S Prasanna availed the loan by passing off colour photocopies as original documents, and didn’t repay them. He is the co-producer of Neer Dose. He was arrested on a complaint by Dashika Ramesh, manager, Syndicate Bank, Seshadripuram branch.
Prasanna, also a grain merchant, incurred huge loss in the business. Police said he needed Rs 1 crore to repay friends who lent him. He availed a loan from Syndicate Bank by submitting house documents as collateral surety. The bank sanctioned him Rs 38 lakh in 2015. He made colour photocopies of the document and submitted to Daivanga Cooperative bank and Margadarsi Chits Karnataka Pvt Ltd, and availed Rs 20 lakh and Rs 38 lakh.
Police are interrogating bank officials who sanctioned loans without verifying the documents.
Deccan Herald is on WhatsApp Channels | Join now for Breaking News & Editor's Picks