EOW arrested accused S.Kathiresan in a Bank Fraud Case of more than Rs.5 Crs.

Bureau,Odishabarta

Bhubaneswar:Economic Offences Wing, Bhubaneswar has arrested accused S.Kathiresan of Trichy (Tamilnadu) on 08.08.2021 PM from Gnanaoli village under Thuvakudi P.S. of Trichinapalli district in EOW PS Case No. 05 of 2015 registered on the allegation of fraud to the tune of Rs. 5.62 crores pertaining to erstwhile Corporation Bank, Bhubaneswar. Accused S. Kathiseran was produced before the Judicial Magistrate-IV, Trichinapalli on 09.08.2021 and will be produced before the Ld. Court of SDJM, Bhubaneswar on 11.08.2021, being brought on transit remand.

The instant case was registered on dt. 09.02.2015 on the basis of complaint filed by Sh. K.N. Narasimha, the then Chief Manager of erstwhile Corporation Bank (now Union Bank of India) on the allegation that, during the year-2009, the present accused, S. Kathiresan, in the capacity of Managing Director of M/s Jagannatha Financial Services Ltd. & Chief Executive Officer of M/s KAS Foundation had availed a loan amounting to Rs. 5 crores for the purpose of lending the same to the SHG/ Joint Liability Group etc. Subsequent to sanction of Rs. 5 crores in favour of M/s Jagannatha Financial Services Ltd., the company failed to pay the installments and finally the account turned NPA on 01.11.2011 with outstanding balance of about Rs. 5.63 crores. It was found that the above named accused company represented through its Managing Director, S. Kathiresan had disbursed the loan to non-existent agriculturists and submitted fabricated & false documents to the bank with criminal intention to defraud the bank to the likely amount and misappropriated the huge amount for his own use.

Since registration of the case, the accused had absconded evading police arrest and finally, he was arrested from Gnanaoli village at Trichy (Tamilnadu). The investigation of the case is continuing.