Mangaluru: Mangaluru police busted a major loan fraud racket in which fake companies were floated and forged documents were used to swindle over Rs 2.5 crore from the State Bank of India’s Mallikatte branch under the MSME scheme. Two separate cases were registered. Three accused, including Muneer Kadaman Abubakkar,53, from Pumpwell, Hussain P,52, from Nandigudde, and Mohammed Mustafa,27, from Morgans Gate, were arrested.City police commissioner Sudheer Kumar Reddy CH stated that in a complaint filed on Tuesday, the chief manager of SBI, Mallikatte branch, reported that under the MSME scheme, the firm Electro World Enterprises submitted forged documents to secure a loan of around Rs 1.2 crore, while MH Enterprises similarly availed a loan of about Rs 1.3 crore. The accused allegedly diverted the loan amounts to different bank accounts instead of using them for the intended business purpose, causing losses to the bank. The involvement of bank officials is suspected.Based on the complaint, two separate cases were registered at the Mangaluru East police station under Sections 316(2), 316(5), 318(2), 318(3) read with 3(5) of the Bharatiya Nyaya Sanhita.In one case, the prime accused, Muneer Kadaman Abubakkar, and his associate, Hussain P, were arrested. In the other case, (M H Enterprises), the owner and prime accused, Mohammed Mustafa, was arrested.It was found during the investigation that Muneer Kadaman Abubakkar was involved in both cases. The cases were handed over to the Mangaluru CCB unit for further investigation.
