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Mangaluru: Food, export company cheats private bank of Rs 88.22 crore, complaint filed

  •   Fri, Mar 31 2023 08:36:07 AM

Daijiworld Media Network – Mangaluru (MS)

Mangaluru, Mar 31: Vigilance officer of a private bank P S Padmavati filed a complaint with CEN police station of the city accusing a MD and directors of a food and export company situated at Baikampady industrial area of cheating the bank Rs 88.22 crore.

According to the details of the complaint filed by the vigilance officer, managing director of food and export company Srinivasa Bhat, directors Veena S Bhat, U N J Namboori and others applied for loan on October 10, 2015. They also provided a registration certificate of the company and guarantee to the bank. After doing pre-inspection, a loan of Rs 194.83 crore was sanctioned on October 20, 2015.

The company repaid the loan promptly every year and got the loan renewed also. However, in July 2021, during an audit, the company chiefs, without informing the bank, destroyed the stock that was pledged to the bank with the intention of getting illegal profit. This act is carried out from December 1, 2019 to December 1, 2020. This has caused the bank a loss of Rs 88.22 crore.

CEN police are investigating further.

 

 

 
  

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Comment on this article

  • Sameer, Riyadh

    Fri, Mar 31 2023

    All after 2014. Now my hypothesis makes sense. Shakha knowledge in Gujarat and Mangalore are the same ;) ;) ;)

    DisAgree [9] Agree [23] Reply Report Abuse

  • sharath, Mangalore

    Fri, Mar 31 2023

    Matlab kuch bhi, permanent victim card holder are frustrated with an expiry date of their victim card. No renewal option available I guess

    DisAgree [5] Agree [3] Reply Report Abuse

  • Sameer, Riyadh

    Fri, Mar 31 2023

    Tere jaise rotlu nahi hain.

    DisAgree Agree [4] Reply Report Abuse

  • Jossey Saldanha, Raheja Waterfront

    Fri, Mar 31 2023

    After 2014 only Frauds ...

    DisAgree [10] Agree [25] Reply Report Abuse

  • Armando, urwa

    Fri, Mar 31 2023

    But which Bank.

    DisAgree [1] Agree [16] Reply Report Abuse

  • Sandesh Kanchan, Mangalore

    Fri, Mar 31 2023

    Illegal profit? Destroyed the Stock??? These bank jokers have no idea what they are talking about. This unit was a Frozen Seafood export factory exporting frozen seafood...the only way they can earn profit is by exporting their frozen seafood stock, not by destroying it. Once the stock is exported,unless they process new frozen stock, how will the new stock build up? This factory shut down operations sometime around the first COVID outbreak in 2020 and became bankrupt. So what audit were these bank fellows doing in 2021? Something is not right in this bank's 'story'.

    DisAgree [2] Agree [26] Reply Report Abuse

  • Kumar Kanti, Kulshekar

    Tue, Apr 04 2023

    Sandesh, you seem to be confused about what "stock" is being referred to in the article. The company has pledged its ownership stock certificates like the kind you can buy on the "stock" market not the physical stock inventory of prawns and fish.

    DisAgree Agree Reply Report Abuse

  • Sethumadhavan, Mangalore

    Fri, Mar 31 2023

    Something is fishy here. Bank has insurable interest on mortgaged or pledged property and should insure it on full stock value at the cost of customer. If the stock is destroyed, the insurer shall pay damages to Bank to liquidate liability. The whole drama is missing this important scene...?

    DisAgree [2] Agree [23] Reply Report Abuse

  • Vishal, Puttur

    Fri, Mar 31 2023

    MODANI idea.....

    DisAgree [6] Agree [28] Reply Report Abuse

  • Aditi, Karnataka

    Fri, Mar 31 2023

    MODI HATAO DESH BACHAO

    DisAgree [8] Agree [37] Reply Report Abuse

  • S.M.F, Dxb /Mlore

    Fri, Mar 31 2023

    Gujrat hatavo desh bachavo

    DisAgree [1] Agree [9] Reply Report Abuse

  • S.M.F, Dxb /Mlore

    Fri, Mar 31 2023

    Feku's followers

    DisAgree [4] Agree [40] Reply Report Abuse

  • real kujuma, kodial

    Fri, Mar 31 2023

    common factor again in these kind of cases...only chillar cases of minorities are blown out of proportion.....yeh sab write off kar dete hain....chaddiwale.

    DisAgree [13] Agree [55] Reply Report Abuse

  • prakash, Manipal

    Fri, Mar 31 2023

    Kalla kalla kalla kalla.... Kallaroo naavellaroo.... 88 plus crores... 100% case where bank officials are party to crime... Neenu kaddu saagisu.. Naanu kannu mucchutene...

    DisAgree [1] Agree [42] Reply Report Abuse

  • Rajeev Shetty., Udupi.

    Fri, Mar 31 2023

    Jaisa Raja Waisayee Prajah....

    DisAgree [5] Agree [47] Reply Report Abuse

  • David Pais, Mangalore

    Fri, Mar 31 2023

    banks cheater has given 40% commission. he will get m.p., seat in brhasta jumla paapies.

    DisAgree [7] Agree [44] Reply Report Abuse

  • Monty Dotor, Mangalore

    Fri, Mar 31 2023

    Now all those who are cheating banks are caught....

    DisAgree [8] Agree [27] Reply Report Abuse

  • Alan, Mangalore/U.S.A

    Fri, Mar 31 2023

    NO Monty! they are not caught, in fact, they are offered a safe passage from India and they land in London or in Carrabean Island or in Mauritius or other tax Haven country where they operate shell companies and they are partnered with you know who to siphon off Tax payers hard earned money

    DisAgree Agree Reply Report Abuse

  • Rajan, Mangalore

    Fri, Mar 31 2023

    "This act is carried out from December 1, 2019 to December 1, 2020. This has caused the bank a loss of Rs 88.22 crore."--- As stated in article - So when state /nation / world --was suffering and handling covid -- all these nefarious acts carried out -- certainly there is a larger conspiracy -- incl political -- can check promoters names-- to get answers--

    DisAgree [4] Agree [40] Reply Report Abuse


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