3 arrested for cheating private bank of Rs 6 crore

KALYAN: Officials of the Economic Offences Wing (EOW) on Tuesday arrested Korvie Agro Pvt Ltd director Digvijay Kokare, developer Manish Shukla and agent Umesh Bhaip for allegedly cheating a private bank of Rs 6.3 crore.
Police said Kokare, with the connivance of his 26 employees, had availed housing loans in their names on forged documents and diverted the money. The EOW has found that the accused also managed the staff of Cracks Risk Management Company which, on behalf of the bank, carried out inspection of properties before the loans were sanctioned. Bhaip acted as a consultant in arranging the loans, police said.
The private bank came to know of the fraud after the borrowers defaulted on the payments.