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Tamil Nadu
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Chennai
Senior citizen held for cheating banks
Staff Reporter
CHENNAI:
Police arrested a 60-year-old man on charges of cheating four public sector banks to the tune of Rs.2 crore.
He was remanded to judicial custody on Saturday, Assistant Commissioner of Police Paneerselvam said.
The central crime branch (CCB) police said Sathiah of Anna Nagar Thangam Colony had been charged with preparing forged property documents and submitting it to banks under the pretext of offering collateral security to borrowers who took loan for commencing business.
Four banks defrauded
At least four banks had offered him loans based on the documents offered as collateral security.
As the original borrowers defaulted on payment, the bankers preferred a complaint with the central crime branch police in 2003 and 2005 respectively.
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