JOIN USB Sundararaman, former manager, UBI, Avenue Road Branch, K Shankaran, Manager (Technical), Prem Prakash Lodha, MD of Innovative Ventures Pvt Ltd, Piyush Lodha, director, Atmaram Kejriwal, MD of Kusum Alloys Ltd, Ashok Kejriwal, director and nine others are the accused.
Ashok Kejriwal and Atmaram were running Karnataka Forging and Stamping Pvt Ltd which had allegedly defaulted repayment of a loan obtained from UBI, Gandhinagar Branch.
They reportedly connived with Sundararaman and Shankaran and obtained Rs 75-crore term loan and a working capital limit of Rs 15 crore from UBI, in the name of Innovative Ventures, a company Ashok owned. They later furnished fake bills for supply of machineries, submitted them to UBI and received the payment. Ashok ‘fraudulently’ routed Rs 23.9 crore to the account of Innovative Ventures. Although no equipment were installed, two UBI officials certified that they had been purchased and set up.