Fourth Fraud Case on Auditor Bharat

Grand Bazaar police on Saturday registered yet another case against Bharat Shah (58).

Published: 26th July 2015 05:26 AM  |   Last Updated: 26th July 2015 05:26 AM   |  A+A-

PUDUCHERRY: Grand Bazaar police on Saturday registered yet another case against Bharat Shah (58), a resident of Mission Street (originally from Ahmedabad) and three others on charges of cheating banks here by pledging gold coated jewellery for availing loans.

Shah, a chartered accountant who was arrested for cheating three banks and being lodged in prison has been booked for the fourth time on a complaint by South Indian Bank, said Grand Bazaar Sub-inspector S Velu.

He had availed a loan of about `40 lakh by pledging 2,997 grams of gold-plated jewellery at the South Indian Bank here on December 30, 2003. On a recent verification it was found that the pledged gold was fake. On a complaint from the Bank’s senior manager Jacob, police registered cases against Shah and his accomplices Kalaichelvan who is already in custody and Muniyammal. Shah, who worked as General Manager of New Horizon Sugar Mill a couple of decades back, was arrested for the first time following complaint from Indian Bank. Thereafter Dena Bank and another bank also registered similar complaints. Cases have been registered against his daughter and son-in-law for their involvement in the cheating, said Velu. In all, he has availed around `1 crore loan by cheating, he said.

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