Daijiworld Media Network - Mangaluru (SP)

Mangaluru, Dec 8: A case of cheating has been filed in economic and narcotic crime police station here against two persons by Syndicate Bank. They have been charged with cheating the bank by providing fake documents when borrowing from the bank.

Ranjan Kelkar, chief manager of Syndicate Bank's Kadri branch here, has accused Aditya Shenoy and Sandeep Shenoy, partners of S V Technologies functioning from Sriram Building at Kottara Chowki here of misleading and cheating the bank.

The above persons had raised loan from the bank to run S V Technologies, a partnership firm, involved with mobile apps, e-publishing, software development etc. They had initially raised loan of RS 40 lac in 2015, which gradually rose to Rs 65 lac term loan and Rs 35 lac overdraft. As security for the borrowings, they had offered movable assets of the firm by way of hypothecation, the bank manager said.

The bank says that the accused produced forged documents by preparing work orders of other companies duly forging the signatures, and furnishing fake documents to Syndicate Bank. In addition, they have hypothecated the assets already given to Syndicate Bank as security for their loans, to some other bank and cheated Syndicate Bank, the bank chief manager stated.

The police are probing the case.