Total of Rs 2,49,00,000 was approved by Canara Bank

Loan was sanctioned in favour of Meghana and her husband

SLN CNC Tech Pvt Ltd usurped the entire loan amount

A complaint came to be instituted by Meghana, the Proprietor of  KAL Engineering against Ashok MV, Director of SLN, CNC Tech Pvt. Ltd., Ramesh T, AGM, Canara Bank and other directors of SLN CNC and mangers of Canara Bank, at Peenya Police Station for offences punishable under Sections 109, 120B, 409, 420, 465, 468 and 471 IPC.

The allegations in brief are that that KCN Gowda was the auditor of KAL Engineering where Ashok MV was working in the auditing office.

In 2019, Meghana along with her husband expressed their desire to improve the finances of  KAL Engineering and accordingly KCN Gowda and Ashok MV introduced us to the officials of Canara Bank, MSME Peenya Branch stating that loans were available at very low rate of interest.

Accordingly, the officials of Canara Bank have obtained signatures of Meghana and her husband on various applications and further in December 2019, Meghana and her husband mortgaged title deeds of their property towards the loan.

Subsequently, a term loan of Rs 95 lakhs was released and an Over Draft account for 1.5 crore was approved. Thereafter, in June 2020, Rs 49 lakhs was released towards GECL Loan.

Meghana and her husband have thereafter requested Canara Bank officials for release of the Rs 95 lakhs and even after several requests they have not released the loan. Thereafter, since there was a nationwide lockdown due to Covid-19, they have not utilised any amount of the loan approved and released by Canara Bank. A total of Rs 2,49,00,000/- was approved by Canara Bank in favour of Meghana and her husband.

When things stood thus, in July 2023, to the utter shock of Meghana and her husband, a notice was issued by Canara Bank for repayment of loan amount and when they enquired, it was brought to their notice that if they do not repay the loan, the loan would be classified as NPA.

Thereafter, Meghana and her husband enquired about the loans, it has come to their knowledge that the entire amount was transferred to accounts of SLN CNC Tech Pvt. Ltd., MV Ashok and Lakshmi Industries.

The accountant and directors of SLN CNC Tech Pvt Ltd have usurped the entire loan amount and have connived with Canara Bank officials, forged the signatures of Meghana and her husband, created and concocted various documents, to cheat Meghana and her husband Prasanna to cause wrongful loss to them.

Ashok has been produced before the Magistrate and Ashok is in police custody till February 12.

It is learnt that Ashok and his family have injected a certain amount of capital and have taken on directorial roles in several companies, which are currently under investigation by the police.