KOCHI: The officials at the MG Road branch of a nationalised bank in the city never imagined that a man who came looking for a car loan would give them the shock of their lives. They sanctioned him Rs 14 lakh to purchase a used Mercedes Benz car. But only after two years did the bank officials realise they were duped and there was no such car as mentioned in the documents submitted by the accused, Siyad M K, 50, of SRM Road. What’s more, he made things really difficult for the officials by not repaying any amount.
An inquiry revealed that the car -- with the registration number KL-62 C/606, for which the bank sanctioned the loan -- was not in the name of Abdul Sathar, of Arookutty, as submitted by Siyad. Rather it belonged to another person, Muhammed Latheef. The accused is yet to be arrested, a police officer said.
“The sessions court has dismissed his anticipatory bail plea based on our report opposing bail,” the officer said.
According to the police, Siyad convinced the senior regional manager of the bank saying that he was purchasing the car from Abdul Sathar for Rs 22.10 lakh. Siyad produced an agreement stating that Sathar had agreed to the deal, and said the car was handed over to him after an advance payment of Rs 8 lakh. As further proof, Siyad also produced an agreement to show that Sathar had purchased the vehicle from a person called Santhoshkumar for Rs 21.30 lakh.
“Based on the documents submitted by Siyad, the bank sanctioned the loan. The bank found that the documents were fabricated when they conducted an inquiry after Siyad defaulted on repayment,” the police officer said.