Four sentenced for defaulting on loan repayment

Money borrowed from Canara Bank by submitting false financial statements

Four sentenced for defaulting on loan repayment

Vinay and Shivaprasad who were arrested for manufacturing fake tags. DH Photo

The loan was obtained from Canara Bank by submitting false financial statements.
According to a CBI press release, M S Suresh and M S Rajalakshmi, Directors of Betamatix Pvt Ltd, had obtained cash credit of Rs 30 lakh, a bill discounting limit of Rs 15 lakh and inland letter of credit of Rs 10 lakh from the bank’s Cantonment branch in 1984 by submitting false statements. They also encashed fake bills of their three sister concerns.

The chargesheet filed by CBI said that although the company had not manufactured electronic goods, it availed the loan by showing fraudulent sales and submitting forged bills with the help of Joy Panakkal, resident of HAL III Stage and Sujatha Nataraj, resident of Rajajinagar.

Later, they defaulted on payment of Rs 60.80 lakh to the bank, thereby causing it a loss. S Nagashree, the 16th Additional Chief Metropolitan Magistrate Court, pronounced the sentence on the four accused.

Fake tags

Bangalore City police and the City Crime Branch sleuths arrested two persons and seized fake tags, board sheets, printing plates, machine and other materials worth Rs 5 lakh, used to manufacture tags of well-known companies were recovered from Vinay Raja of Vijaynagar and Shivaprasad of Rajajinagar on Thursday.

The police raided G R Graphic Printing Press owned by Vinay and Sigma Printing Press owned by Shivaprasad. They were carrying out illegal printing for the past several months, the police said.

In another incident, Basavanagudi police have nabbed four inter-state robbers and recovered fake pen drives worth Rs one lakh. The accused are Mohammad Tarique, Mohammad Shajhan, Gupran and Sarparaj, from Meerut in Uttar Pradesh. The accused used to buy fake pen drives in Chandini Chowk in Delhi and sell them by changing the packaging with that of reputed companies, in Bangalore.

Police have also arrested another nine persons and recovered vehicles and jewellery  in separate incidents.

Dacoity plot: 3 nabbed

Kalasipalya police arrested three persons for allegedly conspiring to commit dacoity and recovered lethal weapons, seven gold chains worth Rs 2.5 lakh and 15 cellphones from them.

The police arrested Anand, Mani and Hemanth of Mysore Road, near Kalasipalya B Street when they were discussing their modus operandi. However, three more managed to flee the scene, the police said.

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