ICICI Bank cheated of Rs 42.61 cr

Kolhapur, Jan 26 (UNI) The local crime branch sleuths here have arrested eight persons for allegedly cheating the ICICI Bank to the tune of Rs 42.61 crore.

Police made the arrests yesterday following a complaint lodged by ICICI Bank officer Anlur Jayphriya, police inspector Suresh Bhosale, said today.

Among the arrested are six brothers of the Akbani family which owns an oil and rice mill. The brothers had secured a loan of Rs 42.61 crore from the Bank after allegedly submitting forged documents that indicated that the family possessed huge stocks of grains that could be offered as mortgage.

The grains, according to the documents, were stored in the warehouses of the ''Vakhar Mahamandal''.

However, subsequent inquiries by the Bank showed that no such grains were stored as claimed by the family. Following this, the Bank lodged a complaint with the police and the eight persons were arrested.

UNI