Bengaluru: Businessman alleges partner forged documents to get Rs 25 crore loan

BENGALURU: A 40-year-old city-based businessman has accused his partner of colluding with others and availing a loan of Rs 25 crore from a cooperative bank by forging documents as well as his signature.
M Subbaraju of Ganganagar said in his complaint to Rajagopalanagar police that the accused forged his signature in the loan application. He requested that the bank which sanctioned the loan also be held responsible for negligence.
The accused named in the FIR are: Madiraju Babu, Gayatri Devi, Usha Rani and officials of the cooperative bank in Shankarapuram.In his complaint, Subbaraju stated: “Madiraju Babu and I jointly run Venkateshwara Electro Metals and Chemicals. Recently, Babu and other accused forged documents of our firm as well as my signature and applied for a loan of Rs 25 crore in my name and the bank sanctioned it.”
Investigators said they are collecting the documents. “Subbaraju says the matter came to light when officials from the bank got in touch with him regarding instalments for loan repayment. He said they hadn’t communicated with him on receiving the application. Else, the matter would have come to the fore earlier and the bank wouldn’t have sanctioned the loan. The accused women are said to be partners of prime accused Babu in another business. We have to question the accused before deciding on the future course of action. We will send the documents to FSL to get an authenticated report on the forgery,” an officer said.