KOCHI: Kiran P P, who was arrested by the Enforcement Directorate (ED) which is probing the Karuvannur Service Cooperative Bank money laundering case, also swindled Rs 7.5 crore from South Indian Bank (SIB) by taking a loan using a forged business partnership deed in 2015, it has emerged.
A case was registered against Kiran, his business partners Ajay Mohan, Deepak Dharmapalan, and C G Babu, and their firms Catrix Luminant and Solar System, Prakash Engineering and Technology and GV Optic Solutions in connection with the fraud. The Crime Branch (CB) took over the probe from Thrissur West police.
Kiran had taken the loan from SIB’s Ayyanthole branch. Thrissur police registered the case in October last year on the branch manager’s complaint.
An officer said Kiran approached the bank to buy machinery and stocks for Catrix Luminant and Solar System. “For this, he submitted a forged partnership deed. Since the papers looked authentic, the bank sanctioned the loan of Rs 7.5 crore. The money was diverted to the accounts of Prakash Engineering and Technology and GV Optic Solutions. It has not been repaid till date,” said the officer.
Following Kiran’s arrest by the ED, the Kerala Police decided to transfer the cheating case against him to the CB. The CB’s Economic Offences Wing will probe the case. The accused persons are charged with deceiving, cheating, forgery, criminal breach of trust and conspiracy. The ED too collected information about fraud from SIB after arresting Kiran.
Earlier, ED had found that Kiran availed 51 loans for a total of Rs 24.56 crore from Karuvannur bank in the name of other persons. The amount was transferred to accounts of companies named Platinum Laboratories and Catrix Luminant and Solar System. It was revealed that the loan for Kiran was arranged by prime accused Satheeshkumar P. Both Kiran and Satheeshkumar are in jail.