Garment exporter arrested for duping bank

Chennai, Mar 9 (UNI) The Central Crime branch police today arrested a city-based exporter for allegedly cheating the nationalised Bank of India for obtaining a loan of Rs 1.72 crore by producing fake documents.

Police said 43-year-old garment exporter Jayachandran of Arumbakkam approached the North Beach Road branch of the Bank and obtained the loan for business development.

Jayachandran however, did not repay the loan regularly despite repeated reminders by the bank.

On verification of the documents submitted by him to obtain loan the bank officials found them to be fake.

He was remanded to judicial custody, police added.

UNI