NEWS & ADVICE : HOME LOANS
Manager frauds Rs 2.3 crore from bank; goes missing
By Joseph Samson
Dec 1, 2010
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Another case of fraud enfolds in Ahmedabad. The manager of Navrangpura branch of Karnataka Bank had been cheating the bank for two years by misappropriating funds worth Rs 2.3 crore. G Ramakrishna Prabhu cheated the bank by creating fake loan accounts and issuing loans there. He is currently absconding.

Prabhu hails from Hubli, Karnataka and was posted to Navrangpura branch. When the officials of the bank sniffed irregularities in repayment from some of the issued loan accounts, it turned out that those accounts were fake ones created by Prabhu to which he had issued loans.

Police inspector of the area, PM Parmar said that Prabhu had the final signing authority in loan disbursal. Police will also seek help from state government of Karnataka in catching Prabhu.

As many as 34 fake accounts have been created by Prabhu in a period between May 2008 to February 2010. "He had had duplicate documents, including PAN cards, ration cards and driving licences, made," the police said.


 


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