Bank duped by providing fake quotation for vehicle loan

Team Udayavani, Jan 6, 2019, 9:43 AM IST

Mangaluru: A case has been registered against three individuals at Padubidri police station on charges of duping a bank by providing fake quotation for a vehicle loan.

The accused are identified as Abdul Khader, a resident of Nadsalu village of Padubidri, who sought the loan and Abdul Salam and Mohammed Sadiq, residents of Suratkal, who stood as guarantors for the loan. The bank which was duped is identified as Mahalaxmi co-operative bank of Ucchila and it was duped to the tune of Rs 3,60,808. The fake quotation was in the name of Vishram Motors.

Mr Khader was a customer of the Ucchila branch of Mahalxmi co-operative bank and had applied for a loan of Rs 3,60,808 on December 21, 2018. He had paid an amount of Rs 90,000 as advance to the branch. Abdul Salam and Mohammed Sadiq stood as guarantors for the loan. Acording to the complaint, the trio have cheated the bank after accused have taking a loan of Rs 2,70,000 from the bank.

After procuring the cheque, the accused had encashed their cheque in the account of Vishram Motors in the Kulshekhar branch of Syndicate Bank. Later when the bank representatives went to Vishram Motors to collect the Form 20, vehicle key, receipt and insurance papers, the company assured them that they have not given any quotation to the said people.

After reading news of similar style of fraud in another bank, the officials got suspicious and on checking the files of the accused realised that they had been duped.

Further investigations are being carried by the Padubidri police.