Daijiworld Media Network - Mangalore (SP)

Mangalore, Jun 17: Kankanady branch of Bank of Patiala has filed a complaint of fraud against Lakshmi A Bhat and Achut Bhat, owners of Palan Food Products, at Kadri police station. The Bank has said, the two have defrauded the bank to the tune of Rs 20 lac by creating fake records.

The Bank has alleged that it wanted to foreclose the property mortgaged to it on the failure of the borrowers to repay the loan raised. It realized then, that the property in question had already been attached by another Bank, from whom the two had raised a loan by mortgaging the property in question. It is learnt, the couple had raised a loan of nine lac rupees from Punjab National Bank earlier and the bank had attached the property, as a result of which Palan Food Products had been closed down.

Punjab National Bank had issued a press release after attaching the property of Palan Food Products. Bank of Patiala has filed a complaint of concealment of facts and fraud on the concerned.