Consumer Issues
Bank manger arrested for sanctioning loans on forged documents

The branch manager of SBI sanctioned 42 personal loans out of which 27 were not repaid and four cases were found to be forged

 
New Delhi: A bank manger and a loanee have been arrested in the capital in connection with sanctioning of loans on forged documents, reports PTI.
 
56-year-old Sukhpal Singh, a manager with State Bank of India (SBI), was arrested for his involvement in sanctioning of loans on forged doucments, Devesh Srivastava, Additional Commissioner of Police (Central), said.
 
"During his tenure as Branch Manager at Jama Masjid branch of SBI, Singh got sanctioned 42 personal loans out of which 27 were not repaid and four cases were found to be forged," he said.
 
Singh and the loanee, Mahesh Mehta (40) were arrested following investigations into a complaint by MS Kardam, Branch Manager of SBI's Jama Masjid branch, who alleged that Mehta had obtained a loan of Rs2.5 lakh in 2008 allegedly using false and fabricated documents.
 
The fraud came to the notice of the bank officials only when they made efforts to recover the loan amount and it was learnt that no such person as named in the loan documents was residing at the given address, Srivastava said.
 
During investigations, Mehta's house in Bhajanpura was raided and he was arrested. His interrogation led to the arrest of Singh.
 
Mehta obtained the loan with the connivance of Singh and two other accomplices Prem Parkash Suneja, a retired AGM of the bank, and one Praveen Kumar.
 
He also got loans from Axis Bank, ICICI Bank, City Finance and HSBC Bank, however, he did not repay these loan amounts also and became defaulter.
 
"Mehta had allegedly come in contact with Suneja through Praveen Kumar. Suneja allegedly prepared forged documents.
 
Mehta used to pay 30% of the loan amount to Suneja, Singh and Praveen Kumar after the sanction of the loan amount," Srivastava said.
 
Efforts are on to arrest Suneja and Praveen Kumar.
 

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ICICI Bank home loans become cheaper by up to 1%

Many other banks are also likely to come out with their festival offers for home loans and personal loans due to ample availability of liquidity coupled with subdued growth in corporate lending

 
Mumbai: Private sector lender ICICI Bank has reduced its lending rates for home loans by 0.25-1% as part of a special festival offer, reports PTI.
 
The lending rate for home loans of up to Rs30 lakh is 10.25%, down from 10.50%.
 
For loans between Rs30 lakh to Rs3 crore, the floating rate of interest would be 10.5% against the earlier rate of 11.5%, the bank said in a statement.
 
The new rates of interest will be applicable for fixed rate loans for one and two years as well, it added.
 
For a fixed rate loan that runs into three years, the new offering is at 10.5% for loans below Rs30 lakh and 10.75% for those above Rs30 lakh and up to Rs3 crore, the bank said.
 
This special festival pricing is valid for sanctions till 31 December 2012, it said.
 
Earlier, State Bank of India (SBI) had reduced rates in August and now offers the cheapest home loan after a reduction in its base rate by 0.25% to 9.75%. SBI now offers loans up to Rs30 lakh at 10% and loans above Rs30 lakh at 10.15%.
 
As per experts, many other banks are likely to come out with their festival offers on the back of ample availability of liquidity coupled with subdued growth in corporate lending.
 
So far, banks including Punjab National Bank, Syndicate Bank, Vijaya Bank have floated their special schemes to cash in on the festival demand.
 
In the second quarter, credit growth was almost flat at 0.1% at 16.4 percent against the Reserve Bank's guidance of 17-18% for this fiscal.
 

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StanChart PE to invest $35 million in Prime Focus

StanChart PE will invest around Rs180 crore in visual entertainment services company Prime Focus on a preferential basis at Rs53 per share

 
Mumbai: Banking major Standard Chartered's private equity (PE) arm said it will invest $35 million (around Rs180 crore) in visual entertainment services company Prime Focus on a preferential basis, at a maximum price of Rs53 per share, reports PTI.
 
"Standard Chartered Private Equity (Mauritius) III will subscribe to our equity shares on a preferential basis for an aggregate amount of $35 million at a maximum price of Rs53 per equity share," a release from Prime Focus said.
 
It also said the company will issue warrants to promoter Namit Malhotra, representing a right to subscribe to equity shares, for an aggregate amount of Rs104 crore on a preferential basis.
 
Prime Focus will convene an extraordinary shareholders' meeting on 3rd November to seek their approval for these transactions, the company added.
 
"An investment by StanChart PE marks an important milestone for us and will go a long way in helping us sustain our future growth plans," Prime Focus said.
 

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