CHENNAI: The bail granted to two persons, who were allegedly involved in cheating the Annanagar West Extension branch of Karnataka Bank, has been cancelled by Madras High Court. Justice M Dhandapani, who cancelled the bail granted by a lower court in 2017, directed the bank to recover `20.55 crore from J Sriram and K Padmanabhan.
In recent days, these type of bank fraud scandal is increasing. The wrong doers through innovative methods are approaching the bank without any security. The two accused has approached the bank with the active help of bank officials, introduced fake persons and obtained loan to the tune of `20.55 crore. Mere cancellation of bail will not solve this issue.
Hence, liberty is granted to law enforcing agency as well as the bank to take appropriate action against the persons to recover the loan amount, the judge said.
He also directed police to secure the crime proceeds, which were invested in different format by the accused. The local DSP should provide proper protection to the bank officials for recovering the dues by searching and attaching the property of the accused, the judge added.
The lower court had granted bail following their submission that they would settle the amount if they were granted bail. However, even after 11 months, the amount was not settled.
According to Murthy V K, senior branch manager, Sriram, running Lakshmi Thanga Maligai at Redhills and Padmanabhan had allegedly pledged imitation jewels as original gold and defrauded the bank with the help of the then branch managers.