M’luru: Man pawns property of Rs 2.5 crore for bank loan taken out by acquaintance; cheated

The Udayavani team, Aug 6, 2022, 11:19 a.m. IST

Mangaluru: In a shocking incident, a man who allegedly pledged his property worth Rs 2.5 crore to help his acquaintance secure a bank loan has filed a police complaint alleging he was deceived.

The victim Madhwaraya Bhat had agreed to be the bank guarantor of the loan contracted by his acquaintance Vasudeva Kamath, a retired bank manager, and two of his associates – Raksha Baliga, Nidhi Vasudeva Kamath with the aim of establishing a dairy farm in Maharashtra.

The trio had assured him that in six months they would make further arrangements for the guarantor and obtain the property documents pledged by the Bharath Cooperative Bank Mangaluru branch. However, when they failed to repay the loan amount, a notice was sent to Madhwaraya by the bank.

When he inquired with the trio about repaying the loan, they allegedly threatened him, the complainant said. Moreover, as the defendants fled, the bank has now demanded repayment of the loan from Madhwaraya.

A fraud file was thus filed by the victim.

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