The Central Crime Branch (CCB) of Greater Chennai Police has arrested three persons, including a couple, for allegedly swindling ₹1.58 crore in the form of home loans obtained from the State Bank of India by submitting fabricated documents.
The arrested have been identified as S. Rajeshwari, 49, of Nanganallur, S. Jegannathan, 51, and his wife J. Muthulakshmi, 46, of Medavakkam.
They were arrested based on a complaint from C. Sethuraman, assistant general manager of State Bank of India, Retail Assets Central Processing Centre (RACPC), MRC Nagar. The complainant alleged that the three had availed housing loans for ₹1.16 crore towards buying two flats in Perungalathur.
The investigation revealed that they had submitted fabricated plan approval and inflated valuation reports to monetise the unsold inventory of the construction firm which they ran. They had cheated the bank and diverted the amount illegally to various accounts. They caused a total loss of ₹1.58 crore to the bank, the complainant alleged.
The police said they were first arrested in May and subsequently they were found to have been involved in four more cases which were registered based on complaints given by managers of SBI branches on Rajiv Gandhi Salai, Egmore and two other places.
