Two held for bank fraud in Chennai
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The Anti-Bank Fraud Wing of the Central Crime Branch (CCB) has arrested two persons for availing of loans from a private bank by producing fabricated documents.
They were arrested by the CCB following a complaint from Josman P. David, vice president of Federal Bank, Anna Salai. He alleged that a firm, Swasthik Associates had availed of a cash credit loan of ₹2 crore from Kotak Mahindra Bank. The firm then got the loan transferred to the Federal Bank and also availed of an additional loan of ₹2.6 crore for buying trucks and trailers from the bank by fraudulent means after producing fabricated documents. Mr. David had asked the Police Commissioner to take criminal action against the accused for fraud.