Couple jailed for cheating several banks of Rs 5.7 cr

Oct 17, 2011, 06:44 IST | Imran Gowhar

Accused had approached various banks, including Deutsche Bank, in the city, convinced them to sanction loans under various pretexts and even offered fake property documents as collateral in the past four years

A city-based mechanic and his wife landed in jail for cheating several banks after availing loans running into crores, by using fake property documents.

Ashok Kumar Veerappa and his wife Anjana approached various banks and convinced them to sanction loans for some projects and availed loans of about Rs 5.7 crore in the past four years.

The scam came to light when the couple defaulted on payment of EMIs to one bank and upon verification, it was discovered that they had submitted fake property documents to begin with.

The couple's recent victim is the Deutsche Bank and Ashok Gopal Krishnan, senior manager legal and recovery department of First Blue Home Finance, an auxiliary institute of the bank, filed a complaint.

Smooth operators
Krishnan alleged that Ashok and his wife had got a loan of Rs 62 lakh sanctioned for upgrading their generator service unit in Kurubarahalli, under the name Mukambika Enterprises.

They had even submitted the title deed of their house situated in HBSC as collateral surety. After completing the formality, the bank issued the loan in May 2005 and the couple was soon added to the defaulter list after failing to pay EMIs.

After serving several notices, the bank initiated a recovery process and found that the accused have submitted forged property documents to avail the loan.

The bank officials further discovered through inquiry that the couple has managed to cheat four nationalised bank, a co-operative bank and an MNC bank with a single property.

"The irony is that no bank has conducted a background check of this couple before sanctioning loans, which further encouraged them to get involved in more scams," an investigating officer said.

According to the police, Anjana even took a loan from a co-operative bank and bought an Audi Q7 series car.

The couple simply created fake documents with the signature and seal of a sub registrar officer, seller and even witnesses and managed to dupe the banks.

Anjana is a college drop out, but successfully duped bank officials with her flawless English, while posing as a software engineer.
"If any of these banks had analysed the documents, the scam could have been  busted long ago," the officer added.

At present, the couple is lodged at the Central Prison while officials of the six banks are running from pillar to post to recover dues from a single house the couple own in HBCS layout, the Ashok Nagar police said.

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