M’luru: Man pledges Rs 2.5 crore property for bank loan taken by acquaintance; cheated

Mangaluru: In a shocking incident a man who reportedly pledged his property worth Rs 2.5 crore to help his acquaintance raise a bank loan has filed a police complaint alleging he has been cheated.

The victim Madhwaraya Bhat had agreed to be the bank guarantor for the loan raised by his acquaintance Vasudeva Kamath, a retired bank manager, and two of his associates — Raksha Baliga, Nidhi Vasudeva Kamath for the purpose of setting up a dairy farm in Maharashtra.

The trio had assured him that in six months’ time they would make alternative arrangements for the guarantor and get the pledged property documents released from the Bharath Cooperative Bank Mangaluru branch. However, when they did not repay the loan amount, a notice was sent to Madhwaraya by the bank.

When he enquired with the trio about the loan repayment, they allegedly threatened him, the complainant said. Furthermore, as the accused have gone absconding, the bank has now sought loan repayment from Madhwaraya.

A case of cheating has thus been filed by the victim.