EOW mentioned Kathiresan was managing director of M/s Jagannatha Monetary Providers Ltd and chief govt officer of M/s KAS Basis with an workplace in Bhubaneswar. He, on behalf of Jagannath Monetary Providers Ltd, had availed a mortgage of Rs 5 crore from the erstwhile Corporation Bank (now Union Bank of India), Bhubaneswar in 2009. Kathiresan had instructed the financial institution that the aim of availing the mortgage was to lend cash to a self-help group (SHG) and joint legal responsibility group (JLG).
Subsequently, the financial institution sanctioned Rs 5 crore mortgage in favour of M/s Jagannatha Monetary Providers Ltd. After just a few months, the corporate allegedly didn’t pay the month-to-month instalments to the financial institution. Two years after his mortgage was sanctioned, his account become a non-performing asset (NPA) on November 1, 2011 with the excellent stability rising to about Rs 5.63 crore.
The EOW registered a dishonest case in opposition to Kathiresan and his firm on February 9, 2015 following a grievance lodged by Okay N Narasimha, former chief supervisor of the erstwhile Company Financial institution. Kathiresan was on the run for the reason that case was registered in opposition to him.
“We discovered throughout investigation that the accused had disbursed the mortgage (which he took from the financial institution) to many non-existent agriculturists. He had submitted fabricated and false paperwork to the financial institution to avail the mortgage. His intention was to cheat the financial institution and misappropriate the large mortgage quantity,” an EOW officer mentioned.