'Activist' dupes banks of Rs 7 cr

Con woman runs trust, orphanage; she had contested LS polls on BSP ticket

Padma K Bhat (43), a social activist and owner of an ashram, orphanage and old age home at Nagadevanahalli on Kengeri Outer Ring Road, had allegedly pledged fake documents of a site to three banks to get loans to the tune of Rs 7 crore.

Padma, who is also the founder president of Sri Sathya Sai Mahila Trust, had unsuccessfully contested the 2009 Lok Sabha elections from Bangalore North on a Bahujan Samaj Party (BSP) ticket. 

Vijaya Bank, Nagarabhavi branch, Manager Sheshappa Rai (58) said in his complaint that she had obtained Rs 20 lakh loan on December 16, 2003 and mortgaged her 50x80 ft site located at Nagadevanahalli.

When she defaulted on the loan payments, the bank issued her a possession notice on May 13, 2009.

But, the Vijaya Bank authorities were shocked to see an auction notice of the same site by Karnataka State Finance Corporation (KSFC) on September 29, 2009. Padma Bhat had also taken Rs 30 lakh loan from the HDFC bank and Rs 25 lakh from the KSFC, the police said.

The Vijayanagar police have also registered a case against her on charges of cheating Union Bank to the tune of Rs six crore. Padma, a resident of R R Layout, Jnanabharathi, faces cases under Sections 468, 471 and 420 (all deal with cheating, forgery and fraud) of IPC.

Chandra Layout Police Inspector H R Reddy told Deccan Herald that the higher officials will take decision on handing over the case to Corps of Detectives (CoD).

According to sources, she had made multiple sale deeds of her site and used them 'cleverly' while applying for loan. Hence, the documents submitted to all the banks were 'original'.

When one of the banks instructed P T Security Agency for recovering the site, it was told that the same property was also mortgaged with another bank.