Police arrested a 36year-old man from Madipakkam for defrauding a bank of `1.50 crore by producing fake documents to take a loan.
Bank officials discovered the fraud when Prabhu Narayanan defaulted on repayment. Police apprehended Narayanan on a complaint from the bank's zonal manager, Prafulla Shetty .
Investigators said when Narayanan applied for a loan he stated that he required capital to ramp up his printing press and expand business. He claimed he would purchase machinery and took a loan of `1.50 crore with forged documents.
When Narayanan defaulted on payments, the bank lodged a police complaint. When police took Narayanan in and questioned him, he said he could not repay the loan because he had outstanding debts “Narayanan used the money for personal purposes,“ a police officer said. “He had previously cheated another bank of `3.25 crore and the CBI has filed charges in that case.“
